Adobe Inc. (ADBE - Get Report) posted stronger-than expected fourth quarter sales Thursday said 2019 revenues would top $11 billion as the Photoshop maker continues to challenge VMware (VMW - Get Report) and Salesforce (CRM - Get Report) in the global cloud computing business.
Adobe said adjusted earnings for the three months ended on November 30, the company's fourth quarter, came in at $1.88 per share, up 45% from the same period last year but just shy of the Street consensus of $1.88. Group sales, Adobe said, were pegged at $2.46 billion, up 23% year-on-year and ahead of analysts' forecasts. Adobe also said its sees non-GAAP earnings for its 2019 fiscal year at around $7.75 and revenues of $11.15 billion
"Adobe achieved record revenue of greater than $9 billion and delivered outstanding earnings performance in fiscal 2018," said CEO Shantanu Narayen. "In 2018 we made significant investments across our product portfolio, entered new markets, and made strategic acquisitions which we believe will fuel continued top and bottom-line performance."
Adobe shares fell 4.2% on Friday to $237.58.
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