Adobe Systems has recorded its first ever billion dollar quarter.
Beating Wall Street estimates, which had previously forecast Adobe’s earnings to be under the billion dollar mark, Adobe reported total revenue of $1.01 billion, a 33 per cent increase from the $757.3 million it earned during the same period last year.
Previous Wall Street analysts estimated earnings of 52 cents per share, along with a predicted revenue of $988.1 million. Adobe reported earnings amounting to $1.93 per share, up from $1.54 recorded for the same time last year.
The total revenue reached $3.8 billion,a 29 per cent increase from last year’s $2.946 billion.
The company is now forecasting another bullish first quarter for next year.
Adobe’s shares have jumped nearly 5 per cent because of the better than expected results.
According to Shantanu Narayen, President and CEO of Adobe , the outstanding output is a direct result of all its businesses performing well.
The impressive results have been helped by increased sales of Creative Suit 5 and Acrobat. Moreover, maintenance revenue growth contributed a whopping $430 million in the quarter.
Narayen is also optimistic about Adobe’s enterprise business, saying he expects growth of about 20 per cent growth, which will mean 10 per cent increase in revenue in the next quarter.