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Adobe’s Earnings Beat, But 2017 Forecast Misses The Mark
From StockNews.com: Software giant Adobe Systems Incorporated (NASDAQ:ADBE) late Thursday posted solid fourth qaurter earnings results, but its 2017 outlook fell well short of analyst expectations.
The San Jose-based company reported Q4 EPS of $0.90, which was $0.04 better than the $0.86 that analysts had expected. Revenues rose 23.1% from last year to $1.61 billion, beating Wall Street estimates of $1.59 billion.
Looking ahead, ADBE forecast Q1 EPS of $0.87, which is ahead of Wall Street’s $0.85 estimate. It also sees Q1 revenues of $1.625 billion, short of analysts’ $1.65 billion projection.
For the full year 2017, Adobe expects EPS of $3.75, well short of the $3.84 that analysts were expecting. Full-year 2017 revenues are seen at $6.95 billion, which would also miss Wall Street’s $7.08 billion.
The company commented via press release:
“Adobe’s market-leading digital media and digital marketing solutions are revolutionizing how customers design and deliver exceptional digital experiences,” said Shantanu Narayen, president and chief executive officer of Adobe. “We enter 2017 with significant market momentum and strong technology tailwinds.”
“Across our business, Adobe had a strong 2016 as we met or exceeded all of our key financial targets for the year,” said Mark Garrett, Adobe executive vice president and chief financial officer. “We are uniquely positioned as a cloud provider to deliver both top line and bottom line growth.” – See more at: http://news.adobe.com/press-release/corporate/adobe-reports-record-revenue-and-net-income#sthash.qPs4icMf.dpuf
Adobe shares rose $0.73 (+0.69%) to $105.83 in after-hours trading Thursday. Prior to today’s report, ADBE had gained 11.88% year-to-date, putting it roughly in-line with the benchmark S&P 500’s performance during the same period.
ADBE currently has a StockNews.com POWR Rating of B (Buy), and is ranked #3 of 58 stocks in Software – Application.
This article is brought to you courtesy of StockNews.com.
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