Adobe climbed more than seven per cent on Thursday afternoon after the software company revealed a stronger rise in quarterly profits and sales than analysts forecast.
San Jose, California-based Adobe said its sales jumped by 25 per cent on a year-on-year basis to $1.38bn in the quarter though March 4, topping estimates of $1.34bn. Profits rose to $254.3m from $84.9m on the same basis.
Adjusted profits, which exclude certain items, of 66 cents a share topped Wall Street expectations by a nickel.
Adobe also said it added 798,000 new creative cloud subscriptions during the quarter, topping expectations of 630,000.
The company has been making a push into offering its products, such as image editor Photoshop, as services through the cloud instead of traditional software that is purchased and installed on individual workstations.
Adobe’s shares jumped 7.7 per cent in after-hours trading on Thursday.
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