Market Insider

Adobe hits an all-time high after strong earnings

Shantanu Narayen
Mark Neuling | CNBC

Shares of Adobe Systems reached an all-time intraday high on Friday, after reporting earnings Thursday that beat Wall Street expectations.

That's a particularly notable milestone because Adobe is one of the older tech stocks on the public markets — it went public more than 30 years ago, in August 1986.

Shares climbed more than 5 percent Friday afternoon, peaking at $130.30 and finishing the day up more than 3 percent. The stock closed at an all-time high of $122.35 on Thursday, according to data obtained from FactSet.

Adobe said its increase in sales for the latest quarter marked the twelfth consecutive period of revenue hikes, as its Creative Cloud package of software tools, which includes Photoshop, added even more subscribers.

The company's adjusted earnings rose to 94 cents per share, topping estimates of 87 cents, according to a Thomson Reuters consensus estimate.

With Friday's gains, Adobe is up more than 20 percent for the year and up more than 40 percent over the past 12 months. The company is now worth more than $63 billion.

Adobe all-time performance

Source: FactSet