Adobe quarterly revenue beats on strong subscription growth

Adobe quarterly revenue beats on strong subscription growth

Adobe Inc beat Wall Street estimates for quarterly revenue on Tuesday, boosted by a rise in subscriptions in its digital media business that includes image editing software Photoshop.

FILE PHOTO: An Adobe Systems Inc software box is seen in Los Angeles
FILE PHOTO: An Adobe Systems Inc software box is seen in Los Angeles, California, U.S., March 13, 2017. REUTERS/Lucy Nicholson/File Photo

REUTERS: Adobe Inc beat Wall Street estimates for quarterly revenue on Tuesday, boosted by a rise in subscriptions in its digital media business that includes image editing software Photoshop.

Revenue rose 24per cent to US$2.83 billion in the third quarter ended Aug.30, beating analysts' average estimate of US$2.82 billion, according to IBES data from Refinitiv.

Net income rose to US$792.8 million, or US$1.61 per share, from US$666.3 million, or US$1.34 per share, a year earlier.

(Reporting by Neha Malara in Bengaluru; Editing by Arun Koyyur)

Source: Reuters

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