Adobe leaps past forecasts to record quarterly revenue
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Adobe Systems Inc. today posted fourth-quarter earnings that beat analyst expectations and paired the results with upbeat guidance for the 2021 fiscal year.
The developer of Photoshop and other multimedia software delivered in as cloud services wrapped up the three months ended Nov. 27 with record revenues of $3.42 billion, 14% more than a year ago and 1.9% higher than what the Zacks Consensus Estimate had forecasted. The company’s sales for the full 2020 fiscal year rose 15%, to $12.87 billion.
Despite the outperformance, Adobe’s shares fell 1.4%, to $476.87 a share, after the report was released early this morning. But the stock was already up by some 47% on the year.