ADBE Adobe Inc

 By Maria Armental 
 

Adobe Inc. reported record quarterly revenue for the quarter ended Aug. 28, driven by higher demand during the coronavirus pandemic. Here's what you need to know:

PROFIT: Net income rose to $955 million, or $1.97 a share, from $793 million, or $1.61 a share, a year earlier. On an adjusted basis, profit rose to $2.57 a share from $2.05 a share. Adobe had projected about $1.78 a share, or about $2.40 a share as adjusted. Analysts surveyed by FactSet expected $1.93 a share, or $2.41 a share on an adjusted basis.

REVENUE: Total revenue rose to $3.23 billion from $2.83 billion. Adobe had projected about $3.15 billion, and analysts expected $3.16 billion.

OUTLOOK: This quarter, Adobe expects to make about $4.29 a share, or $2.64 a share as adjusted, on about $3.35 billion in revenue. Analysts expected $3.27 a share, or $2.64 a share as adjusted, on $3.37 billion in revenue.

PANDEMIC: Company officials have said the shift to "all things digital" was helping business and pointed to growth driven by existing customers. On Tuesday, Chief Executive Shantanu Narayen said in a statement that Adobe had posted the best third-quarter results in the company's history and aid that company officials expect the momentum to continue for the rest of the year "and beyond."

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

(END) Dow Jones Newswires

September 15, 2020 16:29 ET (20:29 GMT)

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