Adobe Systems (ADBE) Tops Q3 EPS by 4c; Announces Several Executive Changes

Adobe Systems (NASDAQ: ADBE) reported Q3 EPS of $0.54, $0.04 better than the analyst estimate of $0.50. Revenue for the quarter came in at $1.22 billion versus the consensus estimate of $1.21 billion.

Adobe also announced a number of organizational changes to its executive team.

Senior Vice President David Wadhwani has decided to leave Adobe to pursue a CEO opportunity. The company announced Bryan Lamkin will lead the Digital Media business, which includes Creative Cloud and Adobe Document Cloud. Lamkin, who currently leads the Document Cloud business as well as Corporate Development and Technology, played a leading role in the success of both Photoshop and Creative Suite. Under Lamkin’s leadership, the company will further align Creative Cloud and Document Cloud product development and go-to-market efforts.

Abhay Parasnis, who joined Adobe in July as CTO and SVP of Cloud Technology, will also expand his current role. Parasnis’ charter is to drive the overall technology strategy, architecture, and innovation and integration roadmap for Adobe’s cloud services. He will now assume responsibility for Adobe’s Security and Research teams. Parasnis has 20 years of experience leading major cloud and platform initiatives at a number of enterprise companies.

Executive Vice President and Chief Financial Officer Mark Garrett will add Corporate Development, which includes corporate strategy, M&A and corporate alliances, to his existing responsibilities. As Adobe’s Worldwide Finance and Operations chief, Garrett supports all facets of Adobe’s growth agenda and oversees all the company’s financial operations.

“David Wadhwani has made significant contributions to Adobe’s growth and we wish him well,” said Shantanu Narayen, president and CEO, Adobe. “Bryan Lamkin has a strong history in the creative and consumer Internet businesses and will drive tighter alignment between Creative Cloud and Document Cloud. As CTO and SVP of Cloud Technology, Abhay Parasnis will further advance our innovation in the cloud.”

For earnings history and earnings-related data on Adobe Systems (ADBE) click here.

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