RTTNews | Jun 17, 2021 04:38PM EDT

16:38 Thursday, June 17, 2021 (RTTNews.com) - Software giant Adobe Systems Inc. (ADBE), Thursday reported a profit and revenues for the second quarter that easily trumped Wall Street estimates. Moving ahead, the company also issued a strong outlook for the third quarter.

San Jose, California-based Adobe's second-quarter profit rose to $1.12 billion or $2.32 per share from $1.10 billion or $2.27 per share last year.

Adjusted earnings for the quarter rose to $3.03 per share from $2.45 per share last year. On average, 23 analysts polled by Thomson Reuters expected earnings of $2.81 per share for the quarter. Analysts' estimates typically exclude special items.

Adobe said its revenue for the quarter rose 23% to $3.84 billion from $3.13 billion last year. Analysts had a consensus revenue estimate of $3.73 billion for the quarter.

Digital Media segment revenue grew 25% to $2.79 billion, as creative revenue rose 24% to $2.32 billion and document cloud revenue was up 30% to $469 million.

Digital Experience segment revenue rose 21% to $938 million, with digital experience subscription revenue up 25% to $817 million.

"Adobe delivered strong Digital Media annualized recurring revenue and Digital Experience bookings, as well as record cash flows from operations in Q2," said John Murphy, executive vice president and CFO, Adobe.

Looking forward to the third quarter, Adobe expects revenues of about $3.88 billion and adjusted earnings of around $3.00 per share. Analysts currently estimate earnings of $2.89 per share and revenues of $3.83 billion.

ADBE closed Thursday's trading at $551.36, up $8.03 or 1.48%, on the Nasdaq. The stock further gained $13.64 or 2.47% in the after-hours trading.

Read the original article on RTTNews ( https://www.rttnews.com/3203291/adobe-systems-q2-profit-trumps-street-view.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved