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Shares of Adobe Systems Inc (NASDAQ: ADBE) hit record high territory after hours following a Q3 earnings beat. Shares are up about 5 percent to $105.45.
"We drove strong revenue and earnings performance in Q3, further distancing ourselves from our competitors," said CEO Shantanu Narayen
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Adobe's EPS was $0.03 better than analyst expectations at $0.75 per share, representing a 39 percent year-over-year increase. Revenue also beat estimates coming in at $1.46 billion, a quarterly record for the company.
All three of Adobes top segments hit all-time highs in the quarter. Adobe's digital media segment revenue was $990 million, Creative Revenue also hit a record at $803 million. Adobe's Marketing Cloud also set a record in terms of sales, at $404 million.
"Our leadership in cloud-based content and data platforms make us a mission critical partner to the world's biggest brands as they transform how they engage with their customers."
Adobe shares are up 7 percent in 2016.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.