NEW YORK (
(ADBE - Get Report)
shares surged in after-hour-trading as the software maker posted quarterly sales and profits that beat forecasts.
Shares of Adobe in extended-hours trading were gaining 6.09% to $43.23 according to
The closed the regular session down 0.75% to $40.75.
Adobe in the quarter ended March 1 earned an adjusted 35 cents per share on $1 billion in sales. Analysts polled by
expected the San Jose, Cali.f-based company to earn 31 cents per share on $986 million.
"Creative Cloud is quickly becoming mainstream, with the overwhelming majority of Creative purchases on Adobe.com now being Creative Cloud subscriptions," said Shantanu Narayen, president and CEO in a press release. "With Adobe Marketing Cloud, we are the partner of choice for Chief Marketing Officers as we help our customers migrate their businesses online."
Adobe is focusing on cloud-based software as the company transitions to a subscription-based business model. The company ended the first-quarter with 479,000 paid Creative Cloud members, an increase of 153,000 year-over-year. Its Marketing Cloud segment generated revenue of $215.4 million revenue, achieving 20% year-over-year growth.
Written by Chris Ciaccia in New York