Adobe's 3Q Profit, Revenue Beat Wall Street Targets
September 21 2021 - 4:41PM
Dow Jones News
By Maria Armental
Adobe Inc. reported higher profit and record revenue in the
latest period, helped by a digital acceleration during the
pandemic.
Third-quarter profit rose to $1.21 billion from $955 million a
year earlier. On a per-share basis, profit rose to $2.52, or $3.11
as adjusted.
Total revenue rose to $3.94 billion from $3.23 billion a year
earlier.
Adobe had projected $2.27 a share, or $3 a share as adjusted,
and $3.88 billion in revenue. Analysts surveyed by FactSet had
expected $2.30 a share, or $3.01 a share as adjusted, and $3.89
billion in revenue.
Remaining performance obligations, a measure of future business
that represents contracted revenue that hasn't been recognized,
reached $12.63 billion exiting the quarter, compared with $12.23
billion at the end of the previous quarter.
"Adobe had another outstanding quarter as Creative Cloud,
Document Cloud and Experience Cloud continue to transform
storytelling, learning and conducting business in a digital-first
world," Chief Executive Shantanu Narayen said in a statement.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
September 21, 2021 16:26 ET (20:26 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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