Adobe Systems Profit Buoyed by Subscriptions

By Ezequiel Minaya 

Adobe Systems Inc. reported better-than-expected quarterly results, boosted by a 39% jump in subscription revenue.

The California company, known for its flash player used to view web content and for its publishing software Photoshop, has benefited from growing demand for digital media. Over the past 12 months, shares in Adobe have gained 12%. The company's stock barely moved after hours, edging up 0.1% to $105.20.

For the latest quarter, Adobe posted earnings of $399.6 million, up from $222.7 million a year earlier. On a per-share basis, earnings rose to 80 cents from 44 cents.

Excluding certain items, earnings per share rose to 90 cents from 62 cents. Analysts had predicted 86 cents in adjusted earnings per share, while the company forecast a range between 83 cents and 89 cents.

Revenue rose 23% to $1.61 billion. Analysts had expected $1.59 billion while the company had predicted sales between $1.55 billion and $1.60 billion.

Write to Ezequiel Minaya at [e-mail]

(END) Dow Jones Newswires

December 15, 2016 17:28 ET (22:28 GMT)

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