Adobe Tops $3 Billion in Quarterly Revenue for the First Time
Adobe (NASDAQ: ADBE) had a standout year in 2019 as its stock notched gains of nearly 46%, easily surpassing the returns of the broader market. Investors were hoping for more of the same to start out 2020, and Adobe delivered.
For the fiscal first quarter (which ended Feb. 28), the creative software company reported record revenue of $3.09 billion, up 19% and continuing its unbroken streak of year-over-year revenue gains going back to Q3 2015. It also edged past both Adobe's forecast of $3.04 billion and analysts' consensus estimates of $3 billion. The company generated profits that topped expectations, with non-GAAP diluted earnings per share (EPS) of $2.27, an increase of 33% year over year, compared to expectations of $2.23.
Image source: Adobe.
Source Fool.com
