Adobe Soars on Huge Growth in Cloud Software Subscriptions

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Adobe Soars on Huge Growth in Cloud Software Subscriptions

Adobe Soars on Huge Growth in Cloud Software Subscriptions
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Adobe Soars on Huge Growth in Cloud Software Subscriptions

by TheStreet 0:50 mins

Shares of Adobe surged on Wednesday making it TheStreet's Move of the Day. The software company announced late Tuesday that improved subscriptions for its cloud software drove stronger-than-anticipated profit and revenue for its 2014 fiscal second quarter. Investors cheered the stock as this confirmed a goal for Adobe, which has been transitioning to subscription-based instead of license-based software. Adobe CFO Mark Garrett said in a company statement: "With Adobe's Creative Cloud transformation behind us, our focus moving forward is to drive strong revenue and earnings growth with our market-leading cloud offerings." Shares popped 8.2 percent to $73.08, making it on Wednesday the top performer in the S&P 500.

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