For the quarter the San Jose, Calif.-based company reported earnings of $1.02 per share on revenue of $1.77 billion. Analysts polled by FactSet were estimating earnings of 95 cents per share on revenue of $1.73 billion.
During the quarter, Adobe grew its digital Media segment revenue to $1.21 billion, with Creative revenue increasing to a record $1.01 billion.
"Adobe is the most pure e-commerce play out there right now," TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. The company's growth was stunning, he added, with revenues growing more than 26% year-over-year.
Adobe offers fantastic products and is becoming a global brand, Cramer reasoned, pointing out its products are gaining serious traction in countries like Germany and Japan. Adobe has a $60 billion addressable market and once the smoke clears and this not-so-optimistic sentiment in the market fades -- something Cramer talked about more extensively with FedEx (FDX) - Get Report and its great earnings results -- shares of Adobe should trade "much higher," he explained.
"Digital transformation continues to be the burning agenda for creative professionals, enterprises, governments and educational institutions," said Shantanu Narayen, president and CEO, Adobe. "Adobe is the go-to company for creating world-class digital customer journeys from design to delivery to measurement and monetization."
What's Hot On TheStreet
TheStreet's Lindsay Rittenhousewent shopping online at Ohio stores to see how Whole Foods stacked up against Walmart Stores Inc. (WMT) - Get Report and rival grocer Kroger (KR) - Get Report . While the results may not be shocking, they show just how much Amazon will have to cut for Whole Foods to be on equal footing with some of its competitors.
The cost of eight everyday food items at Whole Foods, TheStreet found, were nearly double those of the ones at Walmart, but Kroger undercut them both. Whole Foods' basket cost $38.29; Walmart's, $19.86; and Kroger's, $16.58.
With data as shocking as this, it's no wonder Whole Foods founder John Mackey is in love with Amazon.
Tesla's stock is out of control: Tesla Inc. (TSLA) - Get Report shares are expected to have a strong session amid reports Elon Musk's electric car baby may open a new production facility in China. Such a move would avoid tariffs in the world's second-largest economy, but risk the ire of U.S. President Donald Trump's "buy American, hire American" industrial policy, TheStreet's Martin Baccardax reports.
Tesla's market cap is now more than $60 billion and climbing, despite the company continuing to lose money. Ford's (F) - Get Report market clocks in at $44.7 billion, while General Motors (GM) - Get Report stands at $51.9 billion.
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Editors' pick: Originally published June 20.
At the time of publication, Cramer's Action Alerts PLUS had a position in ADBE.