Adobe Shares Up 5% On FY19 Revenue Growth Outlook

(RTTNews) - Adobe Inc. (ADBE) Monday reaffirmed its fourth-quarter revenue and earnings outlook. The software maker's shares gained 5 percent in after-hours trading after it provided an upbeat revenue growth targets for fiscal year 2019. "Our strategy of empowering people to create and transforming how businesses compete is leading to larger addressable market opportunities and the potential for accelerated revenue and earnings growth," said Shantanu Narayen, president and CEO, Adobe. "Our 2019 growth targets reflect our continued momentum and market leadership."

For the fourth quarter, Adobe continues to expect revenues $2.42 billion and earnings of $1.42 per share and adjusted earnings of $1.87 per share. Analysts polled by Thomson Reuters currently estimate earnings of $1.89 per share and revenues of $2.43 billion for the fourth quarter.

For the full year 2019, the company expects revenues to grow about 20 percent year-over-year. Analysts currently estimate revenues to grow 19.40 percent for 2019.

ADBE closed Monday's trading at $238.01, down $10.86 or 4.36%, on the Nasdaq. The stock, however, gained $13.59 or 5.71% in the after-hours trading.