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Adobe shares push higher as fourth quarter revenue tops estimates

For the fourth-quarter, the California-based company posted revenue of $2.99 billion versus estimates in Wall Street of $2.97 billion

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Adjusted earnings at Adobe for the quarter came in at $2.29 per share, beating the consensus estimate of $2.26

Adobe Inc (NASDAQ:ADBE) saw its shares gain in New York on Friday after the global software giant posted fourth-quarter sales which beat analyst estimates after-hours on Thursday.

For the three month period, the California-based company posted revenue of $2.99 billion versus Wall Street estimates of $2.97 billion, underlining the strong demand the group enjoys for its products.

Adjusted earnings came in at $2.29 per share, beating the consensus estimate of $2.26 a share.

Notably, revenue for the quarter from the creative and document cloud division, including Photoshop, climbed 22% to $2.08 billion and is projected to increase a further 19% in the current fiscal first quarter.

"Fiscal 2019 was a phenomenal year for Adobe as we exceeded $11 billion in revenue - a significant milestone for the company,” chief executive Shantanu Narayen said.

“Our record revenue and EPS performance in 2019 makes us one of the largest, most diversified and profitable software companies in the world.”

The Adobe boss is trying to maintain sales growth of at least 20% per annum but the tech giant forecast that it will slip below that 20% threshold in fiscal 2020, projecting revenue of around $13.15 billion for the year.

That said, the market hailed the Adobe news. In early deals Friday, the stock jumped 4.9% higher to $320.80 each.

Quick facts: Adobe Systems Incorporated

Price: 350.85 USD

NASDAQ:ADBE
Market: NASDAQ
Market Cap: $169.3 billion
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