ADBE Adobe Inc

   By Maria Armental 
 

Adobe Systems Inc. (ADBE) on Monday said it now sees a better financial opportunity and released targets for fiscal 2019 that were roughly in line with Wall Street expectations.

Company executives, who were to meet with investors and financial analysts at an industry event in Los Angeles, said that based on research data they now see the company's addressable market has expanded from roughly $83 billion in 2020 to about $108 billion by 2021.

Meanwhile, the company expects total revenue to increase by about 20% in fiscal 2019. Analysts surveyed by FactSet and Refinitiv project about 19.4%.

Adobe, which is slated to report fourth-quarter results in December, affirmed its quarterly forecast. It expects fourth-quarter revenue of $2.42 billion with GAAP earnings of $1.42 a share and non-GAAP earnings of $1.87 a share. These targets do not reflect the impact of Adobe's pending acquisition of Marketo.

Shares, which outperform the market with a 36% gain this year, rose 4.8% to $249.40 in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

October 15, 2018 16:58 ET (20:58 GMT)

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