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Adobe forecasts results above estimates as web subscriptions rise


Adobe Systems Inc, the maker of Photoshop and Acrobat software, forecast current-quarter profit and revenue above analysts estimates, citing strong demand for its Creative Cloud suite and digital marketing software. The company net added 405,000 paid users for its Creative Cloud suite, which includes Photoshop, Illustrator and Flash software, taking its total user base to 1.84 million as of February 28. We are making good progress migrating individual, team and enterprise customers to Creative Cloud … retention and renewal rates after promotions expire continue to track ahead of our internal projections, Chief Executive Shantanu Narayen said on a conference call with analysts. R.W. Baird analyst Steve Ashley said Adobes results were solid through and through and the companys user additions and annualized recurring revenue (ARR) were better than expected.

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FRIDAY, APRIL 16, 2021

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