<p>Adobe’s (NASDAQ: ADBE) earnings report for the software company’s fiscal first quarter of 2020 has the ADBE share declining after Thursday. This follows its adjusted earnings per share (EPS) of $ 2.27 on revenue of $ 3.09 billion. These both beat Wall Street estimates of $ 2.23 per share on revenue of $ 3.04 billion.
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Here’s what’s worth mentioning from the latest Adobe earnings report.
Adjusted earnings per share for the quarter were 32.75% higher than $ 1.71 during the same period last year. Revenue is 18.85% above the $ 2.6 billion reported in the first quarter of 2019. Operating profit of $ 937 million is an increase of 34.82% compared to the previous year from $ 695 million. Adobe’s earnings report also includes net income of $ 955 million. This is an improvement of 41.69% compared to the company’s net profit of $ 674 million compared to the same period last year.
Shantanu Narayen, CEO and CEO of Adobe, said this about ADBE’s earnings report:
“We delivered a record Q1 and our first quarter of $ 3 billion. Our strategy in light of the COVID-19 situation has been to ensure the well-being of our employees, serve our customers and focus on our long-term opportunity. ”
Adobe’s earnings report also includes guidelines for the second quarter of 2020. It expects an adjusted earnings per share of approximately $ 2.35 on revenue of approximately $ 3.175 billion. Meanwhile, Wall Street is looking for adjusted earnings per share of $ 2.33 to $ 3.22 billion for the quarter.
The ABDE share fell slightly after the markets closed on Thursday.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/adobe-earnings-drop-adbe-stock/.
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