Adobe's revenue jumps 19% to $3.09B in Q1

Thursday, 12. March 2020 21:05

Adobe Systems Inc. reported on Tuesday its revenue in the first quarter of 2020 amounted to $3.09 billion, jumping 19% from the same period a year ago and topping market estimates. Digital Media revenue surged 22% to $2.17 billion, while Creative revenue rose to $1.82 billion and Cloud revenue was $351 million.

Diluted GAAP earnings per share (EPS) surged 44% year on year to $1.96 and net income stood at $955 million in the three-month period. The company added that its operating income was up 34% on an annual basis to $937 million.

"We delivered a record Q1 and our first $3 billion quarter," CEO Shantanu Narayen stated. "Our strategy in light of the COVID-19 situation has been to ensure the well-being of our employees, serve our customers and focus on our long-term opportunity," he added.

Adobe's shares jumped 3.5% in after-hours trading on better-than-expected results.

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Breaking the News / NP