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Adobe Rallies on Q2 Earnings

NEW YORK ( TheStreet) -- Adobe (ADBE - Get Report) shares rose 4.36% to $45.25 after the California-based software company reported strong earnings for its second quarter.

Adobe earned 36 cents per share on a non-GAAP basis on $1.01 billion in sales. Analysts were expecting the company to earn 33 cents per share on $1.01 billion in revenue.

According to information compiled by Thompson Reuters, analysts reported an average estimate of $0.34 in share earnings on $1.011 billion in sales for the fiscal quarter ending in August.

The company reported that Creative Cloud subscriptions hit 700,000, while Adobe Marketing Cloud bookings grew over 25%

Shantanu Narayen, Adobe CEO, said in a statement, "Our Q2 results reflect our leadership position in Digital Media and Digital Marketing. Creative Cloud is revolutionizing the creative process, and Adobe Marketing Cloud is quickly becoming the platform of choice for the world's leading brands, advertising agencies and media companies."

These sentiments were reiterated by CFO Mark Garret. In a statement, he said, "Adoption of Creative Cloud continued to accelerate and we drove strong Adobe Marketing Cloud bookings growth in Q2."

Adobe management will host a conference call today at 5:00 p.m. EST to discuss the results.

Adobe shares closed the regular session slightly lower, off .07% to $43.36.

-- Written by David Webster in New York

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ADBE $73.33 0.49%
AAPL $123.45 -0.64%
FB $83.46 0.54%
GOOG $549.12 -1.10%
TSLA $184.42 -3.10%


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