Adobe Inc. reported third-quarter earnings that beat analysts’ forecasts and revenue that surpassed expectations.
- Adobe achieved a record revenue of $3.94 billion in its third quarter of the fiscal year 2021, which represents 22% year-over-year growth.
- The operating income of the company was $1.44 billion compared to $1.06 billion in Q3, FY 20. Its net income came in at $1.21 billion against a net income of $955 million in the same quarter of the previous year.
- The California-based technology company expects its total revenue to be nearly $4.07 billion in Q4, FY2021, with GAAP earnings of around $2.52 per share.
- In Q3, the company posted record performance in the Digital Media business, achieving $2.87 billion in revenue, representing 23% YoY growth. Net new Digital Media annualized recurring revenue was $455 million.
For future outlook, Adobe is on track to exceed updated annual targets for fiscal 2021 provided in March. Creative Cloud, Document Cloud, and Experience Cloud continue to transform learning and business in a digital-first world.
ADBE up +0.72%