Shares in software group Adobe head for the cloud
SOFTWARE giant Adobe Systems last night topped growth expectations on the strength of its cloud computing wares.
The Nasdaq-listed group said revenues totalled $1.07bn (£631m) in the second quarter, beating its targeted range of between $1bn and $1.05bn. Operating income rose 22 per cent to $135m.
More than half of its revenues came from subscription services such as Creative Cloud and Adobe Marketing Cloud.
“[O]ur focus moving forward is to drive strong revenue and earnings growth with our market-leading cloud offerings,” said Mark Garrett, executive vice president and chief financial officer.
Shares in Adobe jumped more than six per cent in after-hours trading following the results, having closed the day down 0.1 per cent at $67.54.