News Column

Shares in software group Adobe head for the cloud

June 18, 2014

MARION DAKERS



SOFTWARE giant Adobe Systems last night topped growth expectations on the strength of its cloud computing wares.


The Nasdaq-listed group said revenues totalled $1.07bn (631m) in the second quarter, beating its targeted range of between $1bn and $1.05bn. Operating income rose 22 per cent to $135m.


More than half of its revenues came from subscription services such as Creative Cloud and Adobe Marketing Cloud.


"[O]ur focus moving forward is to drive strong revenue and earnings growth with our marketleading cloud offerings," said Mark Garrett, executive vice president and chief financial officer.


Shares in Adobe jumped more than six per cent in after-hours trading following the results, having closed the day down 0.1 per cent at $67.54.


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Source: City A.M. (UK)


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