By Maria Armental 
 

Adobe Inc. reported record quarterly revenue for the quarter ended Aug. 28, driven by higher demand during the coronavirus pandemic. Here's what you need to know:

PROFIT: Net income rose to $955 million, or $1.97 a share, from $793 million, or $1.61 a share, a year earlier. On an adjusted basis, profit rose to $2.57 a share from $2.05 a share. Adobe had projected about $1.78 a share, or about $2.40 a share as adjusted. Analysts surveyed by FactSet expected $1.93 a share, or $2.41 a share on an adjusted basis.

REVENUE: Total revenue rose to $3.23 billion from $2.83 billion. Adobe had projected about $3.15 billion, and analysts expected $3.16 billion.

OUTLOOK: This quarter, Adobe expects to make about $4.29 a share, or $2.64 a share as adjusted, on about $3.35 billion in revenue. Analysts expected $3.27 a share, or $2.64 a share as adjusted, on $3.37 billion in revenue.

PANDEMIC: Company officials have said the shift to "all things digital" was helping business and pointed to growth driven by existing customers. On Tuesday, Chief Executive Shantanu Narayen said in a statement that Adobe had posted the best third-quarter results in the company's history and aid that company officials expect the momentum to continue for the rest of the year "and beyond."

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

September 15, 2020 16:29 ET (20:29 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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