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Photoshop Finish: Adobe Reports Q1 Earnings, Revenue Beat

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Photoshop Finish: Adobe Reports Q1 Earnings, Revenue Beat

Adobe Inc. (NASDAQ: ADBE) beat Wall Street estimates again Thursday, reporting record revenue on strong performance by its Digital Experience cloud unit. 

Adobe reported first quarter earnings of $1.71 per share, beating by a dime the Street estimate of $1.61 per share. 

The company beat revenue estimates for the 11th straight quarter, coming in at $2.6 billion, slightly ahead of the consensus forecast of $2.55 billion. 

Adobe said it sees adjusted second quarter earnings of $1.77 and fiscal 2019 adjusted earnings per share of $7.80.

Highlights

  • Digital Media segment revenue was $1.78 billion, with creative revenue growing to $1.49 billion and Document Cloud achieving record revenue of $282 million.
  • Digital Experience segment revenue was a record $743 million.
  • Adobe repurchased approximately 2.1 million shares during the quarter.

“Adobe is fueling the creative economy, driving the paper-to-digital revolution and enabling businesses to transform through our leadership in customer experience management,” Shantanu Narayen, Adobe's president and CEO, said in a statement. "Our results in [the first quarter] reflect continued momentum across Adobe Creative Cloud, Document Cloud and Experience Cloud."

Adobe has now beaten earnings estimates in 11 of the last 12 quarters in addition to 11 straight reports of revenue topping Street estimates. 

Adobe stock has been on a run and was up more than 15 percent year-to-date through Monday. 

Adobe shares closed up 1.25 percent Thursday but were trading down 1.83 percent after hours at $262.79.

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Posted-In: Earnings News Guidance After-Hours Center Best of Benzinga

 

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