Adobe shares jump 4% after its cloud software hits 1 million users
Adobe Systems, known for its Photoshop and Acrobat software, reported an 8 percent drop in quarterly revenue but exceeded its forecast of paid subscriber additions, sending its shares up 4 percent in trading after the bell.
The company added 331,000 paid subscribers in the third quarter to Creative Cloud, the subscription-based version of its flagship software package, which includes Photoshop, Illustrator and Flash, ending the quarter with 1.3 million paid subscribers.
Adobe said in June it expects the addition to paid subscribers for Creative Cloud in the third quarter to top the 221,000 subscribers it added in the second.
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Net income fell to $83 million, or 16 cents per share, in the third quarter, from $201.4 million, or 40 cents per share, a year earlier.
Excluding items, the company earned 32 cents per share.
Revenue fell to $995.1 million from $1.08 billion a year earlier.
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