Adobe Systems Inc. released its 3Q 2024 financial results

Adobe Systems Inc (NASDAQ-ADBE) is a software company headquartered in San Jose, California, USA. The company’s Chairman and CEO is Mr. Shantanu Narayen. The company offers products and services used by professionals, marketers, knowledge workers, application developers. The company’s business is divided into three segments: digital media, digital marketing, print, and publishing. The Digital Media segment provides tools and solutions that enable individuals, small and medium-sized businesses, and enterprises to create, publish, promote, and monetize their digital content. The Digital Marketing segment provides solutions and services to create, manage, execute, measure and optimize digital advertising and marketing. The Print and Publishing segment addresses market opportunities ranging from the diverse authoring and publishing needs of technical and enterprise publishing.

Adobe Inc ( NASDAQ:ADBE ) released its Q3 2024 earnings on September 12. Global analysts’ estimates were expecting total sales of $5.37 million with earnings of $3.51 per share. In the end, estimates were beaten and total sales were $5.41 billion, representing 11% year-over-year growth. Diluted earnings per share were $3.76. The company made an operating profit of $1.99 billion. Net income was $1.68 billion. Digital Media segment sales were up 12% year-over-year and were $4.00 billion. Document Cloud revenue was up 18% year-over-year to $807 million. Revenue from Creative grew 11% to $3.19 billion. Adobe chairman and CEO Shantanu Narayen said: “Adobe’s record Q3 performance is a testament to our relentless innovation and commitment to delivering value to our customers, empowering millions of users around the world.” These facts have attracted the attention of multinational investment corporations and private investors to buy shares of Adobe Systems Inc (NASDAQ-ADBE), with 29 Wall Street brokerages setting an average target price of $620.22 per share for Adobe (Nasdaq:ADBE) stock for the short-to-medium term investment horizon.

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