By Maria Armental
Adobe Inc.'s profit and revenue rose in the latest period, driven by the digital acceleration amid the coronavirus pandemic.
Second-quarter profit rose to $1.12 billion from $1.1 billion a year earlier. On a per-share basis, profit rose to $2.32, or $3.03 as adjusted.
Total revenue rose to $3.84 billion from $3.13 billion a year earlier.
Adobe had projected about $2.09 a share, or about $2.81 a share as adjusted, and about $3.72 billion in revenue. Analysts surveyed by FactSet had expected $2.10 a share, or $2.81 a share on an adjusted basis, on $3.73 billion in revenue.
Remaining performance obligations, a measure of future business that represents contracted revenue that hasn't been recognized, reached $12.23 billion exiting the quarter, up 23% from the year earlier.
Adobe has seen strong demand, including for PDF and e-signature service Adobe Sign, driven by the digital growth tied to the pandemic.
"Adobe delivered strong Digital Media annualized recurring revenue and Digital Experience bookings, as well as record cash flows from operations in Q2," John Murphy, executive vice president and finance chief, said in a statement. "The large market opportunity and momentum we are seeing across our creative, document and customer experience management businesses position us well to deliver another record year," he added.
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(END) Dow Jones Newswires