Adobe (ADBE) Falls 4% Despite Q3 Beat/Raise
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Adobe Systems (NASDAQ: ADBE) shares were trading around 4% lower after-hours Tuesday, despite the company delivering strong third quarter results, with EPS coming in at $3.11, beating the consensus estimate of $3.01. The downside could just be a "sell the news" reaction to the strong results as analysts have been pounding the table on the stock into the print.
The company's quarterly revenue grew 22% year-over-year to a record $3.94 billion versus the consensus estimate of $3.89 billion. Digital Media, Creative and Document Cloud segment revenues were $2.87 billion (up 23% year-over-year), $2.37 billion (up 21% year-over-year) and $493 million (31% year-over-year), respectively.
“We drove record revenues and strong profitability in the quarter, demonstrating our ability to succeed in a dynamic environment,” said John Murphy, executive vice president and CFO, Adobe. “Our operational rigor and data-driven insights enable us to execute while we continue to invest across massive market opportunities.”
Adobe expects Q4 EPS of $3.18 (vs. consensus of $3.08) and revenue of $4.07 billion (vs. consensus of $4.04 billion).
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