Adobe Sets $2 Billion Stock Buyback Plan

By Josh Beckerman 

Adobe Systems Inc. has authorized a stock-buyback program of up to $2 billion over the next three years.

The company, which makes Photoshop and Illustrator software, said repurchases will include open-market transactions as well as structured agreements with third parties.

The buyback authorization under a previous $2 billion program has been exhausted. The company's market value is nearly $35 billion.

"As we continue to grow and execute on our key long-term goals, we remain committed to returning value to our stockholders through stock repurchases," the company said.

Adobe shares rose 2% to $71.40 in late trading.

Last month, Adobe posted higher earnings and revenue for the November quarter, and the company has those metrics will grow sequentially during every quarter of 2015.

It also reported plans at that time to acquire privately held stock-photography website Fotolia for roughly $800 million as well as strong growth in Creative Cloud subscriptions for the quarter.

Write to Josh Beckerman at [e-mail]

Access Investor Kit for Adobe Systems, Inc.

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US00724F1012

Subscribe to WSJ: http://online.wsj.com?mod=djnwires