Business

Adobe stock gets a 4% boost after earnings release

Adobe released its earnings today¬†to a positive reception from investors. After bringing in $1.01 billion in revenue, the company’s stock is up a little over 4 percent in after-hours trading.

Revenue met analysts’ expectations. Operating income came in at $111.3 million, and net income settled at $76.5 million. The company’s stayed otherwise relatively steady today, closing at $43.36 a share.

In May, Adobe announced that it is getting rid of its Creative Suite software, a package of programs that focused on design and editing capabilities. Creative Suite, which traditionally appeared as a box that you could buy in the store and subsequently own, is instead giving way to Creative Cloud. This is a subscription-based software-as-a-service product that will deliver a lot of the same functionality — just through the Internet instead of from a disc-based suite.

Adobe’s director of product marketing explained that the Creative Suite 6 will be the last available, and that the company will not continue to develop for it.

Adobe says its subscriptions for Creative Cloud have increased to 700,000 subscriptions from the end of the first quarter 2013, when the company only had 221,000.

Adobe image via midiman/Flickr


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