Adobe Inc. surpassed earnings and revenue estimates for the fiscal first quarter. Its projection for the second quarter, however, falls short of analysts' expectations.
For the three months ended March 1, Adobe reported earnings of $1.71 per share, exceeding analysts’ estimates of $1.62 per share (based on FactSet poll of analysts). The computer software company’s revenue for the quarter came in at a record-high $2.6 billion, topping analysts’ expectations of $2.55 billion .
President and CEO Shantanu Narayen mentioned strong momentum in Adobe’s Creative Cloud, Document Cloud and Experience Cloud businesses as significant contributors to Q1 results.
However, Adobe’s guidance for the current quarter (ending June) fell below analysts’ forecasts. Adobe is expecting revenue of $2.7 billion on earnings of $1.77 per share, compared to analysts’ expectation of $2.72 billion on earnings of $1.88 per share.
For the full-year 2019, the company predicts revenue of $11.15 billion and earnings per share of $7.80 per share - in line with Wall Street consensus.