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Adobe Systems shares up in pre-market after ‘outstanding’ first quarter results
Computer software giant Adobe Systems (NASDAQ: ADBE) shares shot up nearly 5% in pre-market after it reported record revenue, profit and cash flow in its first quarter of 2017.
For the three months to March 3, the firm posted earnings per share (EPS) of US$0.94, which was better than the analyst estimate of US$0.87 a share.
Revenue for the quarter came in at US$1.68 billion compared to a consensus estimate of $1.65 billion.
Cash flow from operations was a record $730 million, the group told investors.
Mark Garrett, Adobe executive vice president and chief financial officer, told investors; “Adobe achieved record revenue, profit and cash flow in Q1.
“Our solid execution and business momentum combined with strong market tailwinds give us confidence in our ability to continue to deliver strong financial results. We remain bullish about our prospects for the rest of 2017 and beyond.”
Shantanu Narayen, president and chief executive, added: “Adobe’s mission to help our customers design and deliver great experiences has never been more relevant as is reflected in our outstanding Q1 results.”
The group revealed that the revenue from the digital media business was US$1.14bn, with record creative revenue growing to US$942 million.
Meanwhile, it added that Digital Media Annualized Recurring Revenue (ARR) was driven higher to US$4.25 billion exiting the quarter, a quarter-over-quarter increase of US$265 million.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/174985/adobe-systems-shares-up-in-pre-market-after-outstanding-first-quarter-results-174985.html
