Adobe Systems Records 12 Consecutive Quarters Earnings Beat Estimates
Shares of Adobe Systems Incorporated swung between gains and losses late Thursday after the software giant reported better-than-expected fourth-quarter earnings results but forecast weak outlook for its fiscal year 2017.
The San Jose-based company posted $0.90 for the last quarter’s earnings per share, which topped the EPS of $0.86 that analysts had expected and marked the 12th consecutive quarter that its earnings beat estimates. Adobe’s revenues surged 23.1% from last year to $1.61 billion, also beating economists’ estimates of $1.59 billion.
However, the company only expects EPS of $3.75 for the full year 2017, which was well short of the $3.84 that analysts were expecting. Full-year 2017 revenues are anticipated to reach $6.95 billion, missing Wall Street’s $7.08 billion projection.
Buy Stop at 105.15, Take profit at 106.50, Stop loss at 104.50