Adobe beats revenue, profit estimates

20 June, 2019 12:00 AM printer

NEW YORK: Adobe Inc beat analysts' estimates for quarterly profit and revenue on Tuesday, driven by growth in its digital media business that houses its flagship product Creative Cloud.

Shares of the company, known for its image-editing software Photoshop, rose 2.7per cent in after-hours trading, report agencies.

Adobe is sharpening its focus on the fast-growing cloud business, a fiercely competitive market dominated by Microsoft Corp, Oracle Corp and Salesforce.

The shift to a cloud-based subscription has brought a more predictable revenue stream for Adobe by selling its software through web-based subscriptions, and not through the sale of packaged-licensed software.