Digital Transformation Keeps Adobe Afloat Again During Summer 2020
Like many other software companies right now, Adobe (NASDAQ: ADBE) was flying high ahead of its summer quarter earnings report. The creative software platform's stock is up 47% in 2020 to-date on optimism that the economic lockdown is creating plenty of new demand, and the financial results didn't disappoint. Faced with challenging times that require reliance on the digital world like never before, many organizations continue to turn to Adobe for help.
During the fiscal 2020 third quarter (the three months ended Aug. 28, 2020), Adobe hauled in revenue and net income of $3.23 billion and $955 million, respectively, generating year-over-year increases of 14% and 20%. Earnings per share increased 22%, getting an additional boost as Adobe continued to use its high profit margins to repurchase shares during the period.
Image source: Getty Images.
Source Fool.com
