ADBE Adobe Inc

   By Aisha Al-Muslim 
 

Adobe Systems Inc. (ADBE) said Thursday it recorded revenue and higher earnings in its latest quarter.

The Silicon Valley software company reported a profit for the first quarter of $674.2 million, or $1.36 a share, up from $583.08 million, or $1.17 a share, a year earlier. Adjusted earnings were $1.71 a share, rising above the $1.62 a share analysts polled by Refinitiv were targeting.

Revenue rose 25% to $2.6 billion, above the consensus forecast of $2.55 billion. The company's digital-media business, which accounts for most of its subscription revenue, grew 22% to $1.78 billion.

Adobe adopted a new revenue accounting standard for fiscal year 2019.

For fiscal 2019, the company raised its guidance for adjusted earnings per share to $7.80, compared with its prior forecast of $7.75 a share. The company maintained its guidance for total revenue of $11.15 billion for the fiscal year, compared with analysts' estimates of $11.16 billion.

For the second quarter, the company guided revenues of $2.7 billion, compared with analysts' estimates of $2.72 billion. The company also guided adjusted earnings per share of $1.77, compared with analysts' estimates of $1.88 a share.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

March 14, 2019 16:37 ET (20:37 GMT)

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