Adobe Inc. ADBE,
Shares rose 3% after hours of trading on Tuesday after the software company reported fiscal third quarter results to improve Wall Street estimates. Adobe reported net income of $ 955 million, or adjusted income of $ 2.57 per year, compared to net income of $ 793 million, or $ 1.63 per share, compared to the year-ago quarter. Revenue jumped 2.8% to $ 3.23 billion from a record $ 3.23 billion a year earlier. Fourth quarter guidance was also above estimates. Adobe chief financial officer John Murphy said in a phone interview after announcing the results, “Generally, Q3 is a seasonally slow quarter for us, but small businesses and education have fully embraced digital devices during the epidemic . ” “It’s a long-standing trend.” Analysts polled by FactSet expected adjusted earnings of $ 3.41 at $ 3.16 billion. Adobe shares have increased by 51% this year as it continues to feel the effects of the epidemic. Comprehensive S&P 500 Index SPX,
There is a 5.3% improvement in 2020.