Adobe’s shares jump on earnings report

Shares of San Jose-based Abode Systems shot up 9 percent in early trading Friday after the software company posted better than expected financial results for its fourth quarter.

Abode reported sales of $1.07 billion for the quarter, up from $1.04 billion for the same period a year ago, and a $73.2 million profit compared with $65.3 million in the fourth quarter last year.

“The company exceeded expectations on all relevant metrics,” gushed Jefferies analysts in a note to their clients.

“Clearly the company has done a good job of transitioning to a subscription revenue model and is poised for high teens to +20 percent growth in the coming years,” added analysts at Wells Fargo.

Photo by Paul Sakuma, AP

 

 
 

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