Adobe's 3Q Profit, Revenue Beat Wall Street Targets

  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 [e-mail]

(END) Dow Jones Newswires

September 21, 2021 16:26 ET (20:26 GMT)

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