Adobe Inc. ADBE is reportedly looking to launch Illustrator for Apple’s AAPL iPad by November 2020. The application is slated to be previewed for iPad during the company’s Max conference next month.
Notably, Illustrator is one of Adobe’s most well received applications used by millions of designers and artists. It helps to create everything from web icons and product packaging to book illustrations and billboards. The iPad version of Illustrator will retain a number of features from its original desktop version.
Adobe Boosts Portfolio
The launch of Illustrator for iPad will be in line with Adobe’s continuous effort to strengthen its mobile application portfolio to enable consumers use the software on tablets and phones.
Recently, Adobe launched multiple other iPad apps, including Fresco and Premiere Rush for aspiring and professional artists.
Moreover, per a recent Bloomberg article, Adobe’s graphic design software, Photoshop application for iPad will be available to users for download by the end of this year. Reportedly, the iPad version of Photoshop will not mirror all features of the desktop version but the app is expected to update its content over time.
We believe that the launch of Illustrator for iPad is expected to further strengthen the company’s Creative Cloud unit and drive Digital Media segment’s top line.
Adobe Systems Incorporated Revenue (TTM)
Adobe Systems Incorporated revenue-ttm | Adobe Systems Incorporated Quote
Adobe Looks to Capitalize on iPad’s Popularity
Per data from AppleInsider, IDC Worldwide Quarterly PCD Tracker shows that Apple's market share in the global tablet market grew to 38.1% in second-quarter 2019, gaining 4% from the same period last year.
Reportedly, during the launch of Apple’s iPad Pro tablets last year the tech giant had emphasized that Adobe’s iPad version of its Photoshop app will be a nice selling pitch for iPad Pro tablets.
The latest move positions Adobe well to reap benefits from the increased adoption of Apple’s iPad in the global tablet market.
Zacks Rank & Stocks to Consider
Adobe currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader computer and technology sector are Cadence Design Systems CDNS and SplunkSPLK. Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term expected earnings growth rate for Cadence Design Systems and Splunk is currently pegged at 10.2% and 31.2%, respectively.
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