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Shares of Adobe (ADBE) - Get Adobe Inc. Report rose in after-hours trading Monday after the San Jose, Calif. software company offered an earnings forecast for fiscal 2020 that exceeded analysts' expectations.

At a financial analyst meeting, Adobe estimated revenue will total $13.15 billion in the year beginning Dec. 1, compared to analysts' forecast of $13.14 billion, according to Barron's. The company also projected adjusted earnings per share of $9.75 for fiscal 2020, compared to analysts' prediction of $9.70. 

Adobe put net new annual recurring revenue for digital media, which tracks new demand for the company's creative and document software, at $1.55 billion for fiscal 2020. That tops analysts' forecast of $1.53 billion, according to Bloomberg. Investors care about that number because of Adobe's general slowdown in revenue growth, the news service reported.

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"Our strategy to unleash creativity, accelerate document productivity and power digital businesses is driving our growth and represents a $128 billion opportunity in 2022," Shantanu Narayen, Adobe CEO, said in a news release announcing the estimates.

Adobe shares stood at $290.99, up 4.86% in after-hours trading. Through Friday, the stock returned an annualized 15.80% for the last one year, 37.74% for three years, 31.32% for five years and 23.41% for 10 years, according to Morningstar.

Morningstar analyst Dan Romanoff puts fair value for the stock at $296. "The company is introducing and leveraging features across its various cloud offerings (like Sensei artificial intelligence) to drive a more cohesive experience, win new clients, upsell users to higher price point solutions, and cross-sell digital media offerings," he wrote in June. 

Adobe is scheduled to report fourth-quarter fiscal 2019 earnings Dec. 12.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.