Adobe Earnings Top Q2 Views; ADBE Stock Rises Late
Summary
Digital media and marketing software maker Adobe (ADBE) late Thursday beat Wall Streets earnings target for its fiscal second quarter but came up short on revenue. "Adobes strategy to empower customers to create the worlds content, automate critical document processes and enable enterprises to engage with their customers digitally, drove record revenue in Q2," Chief Executive Shantanu Narayen said in the Adobe earnings news release. Adobe delivered record sales and expanded profitability in the quarter despite the challenging environment caused by the coronavirus pandemic, Chief Financial Officer John Murphy said in the release. Growth in annualized recurring revenue in Adobes Digital Media segment showed how "mission critical" the companys creative and document software solutions are, Murphy said. Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.