- Oops!Something went wrong.Please try again later.
On Tuesday, Adobe Inc (NASDAQ: ADBE) reported higher profit and revenue along with raising its projections for the year. But it seems investors were more concerned about what is coming next for a software company as its CFO is stepping back.
Revenue for the quarter ended on March 5th grew to $3.91 billion, up 26.5% from the previous year and ahead of its own projection of $3.76 billion. Net income rose to $1.26 billion during the quarter, up more than 31% compared with the prior-year period. Adjusted profits were $3.14 a share, also ahead of the $2.78 management expected.
The revenue of the digital media segment, which includes Photoshop and Illustrator helped fuel the vibrant performance at $2.86 billion, which is a 32% YoY increase. The results reflect both an improving spending environment for digital marketing, and effective execution by the company. The momentum is strong and the primary reason behind the improved full year guidance with accelerating trends in both the Digital Media and Experience Cloud businesses.
Adobe now sees revenue for the full year ending in November is expected to amount $15.45 billion, up from a previous forecast of $15.15 billion, with non-GAAP profits increasing from $11.20 to $11.85 a share.
Looking for a new CFO
Adobe's Chief Financial Officer John Murphy is retiring to focus on philanthropy. Mr. Murphy plans to educate about preserving mid-century modern architecture, along with helping to provide young people in urban areas access with access to education. However, he will stay on board as needed to help with the transition.
The way ahead
The creative software maker has the largest creative cloud and document cloud platform in the world. Its latest quarterly results are merely a triumph of capitalizing on improving digital tailwinds during a global pandemic, especially with the Document Cloud business. Although the recent $1.5 billion acquisition of Workfront, a work management platform for marketers and other growth investments may temper growth relative to 2020, Adobe is well-positioned to attract a high-quality CFO who will be worthy of the title. Workfront did bring in $38 million into the quarterly revenue stream after purchase so there's no doubt the company knows what it's doing.
This article is not a press release and is contributed by IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: email@example.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: firstname.lastname@example.org
See more from Benzinga
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.