Creative software slinger Adobe booked in double-digit revenues rises in its latest quarter but lowered forecasts due to conflict in Ukraine and and currency challenges. As such, Wall Street frowned and the share price went down.
The Photoshop maker reported turnover from sales of $4.39 billion for Q2 ended June 3, up 14 percent year-on-year. The vast bulk of this, some $4.07 billion, was subscription-based, something other software vendors must eye with some envy because investors love recurring revenues.
The Digital Media division, which includes Creative Cloud and Document Cloud products, jumped 15 percent to $3.20 billion, higher than analysts had estimated. The Digital Experience wing was $1.1bn, up 17 per cent, again trumping analysts' projections of $1.08 billion.