Stock Alert: Shares Of Adobe Inc. (ADBE) Hit Multi-Year High

(RTTNews) - Shares of enterprise software maker Adobe Inc. (ADBE) hit a multi-year high of $354.28 on Wednesday, Jan. 22, and closed Wednesday's trading session at $350.06, up 6 cents or 0.02%. Adobe shares continue to soar propelled by its strong Q4 results reported on Dec. 12. The stock is up 17.8% from $300.72 recorded on Dec. 12, 2019 to $354.28 on Jan. 22, 2020.

On December 12, 2019, the software giant reported Q4 net income of $851.9 million or $1.74 per share versus $678.2 million or $1.37 per share last year.

Adjusted earnings for the quarter rose to $2.29 per share from $1.83 per share last year. On average, 27 analysts polled by Thomson Reuters expected earnings of $2.26 per share for the quarter. Analysts' estimate typically exclude certain special items.

Revenue rose 21% to $2.99 billion from $2.46 billion last year. Analysts had a consensus revenue estimate of $2.97 billion for the quarter.

Digital Media segment revenue jumped 22% to $2.08 billion, with Creative revenue growing to $1.74 billion and Document Cloud achieving revenue of $339 million, Adobe said in a statement.

For the first quarter...

Adobe expects GAAP EPS of $1.76, non-GAAP EPS of $2.23, on revenue of about $3.04 billion. Analysts currently estimate earnings of $2.23 per share and revenues of $3.05 billion.

For the full year 2020...

The company sees GAAP earnings of $7.40 per share, non-GAAP earnings of $9.75 per share and revenues of about $13.15 billion. Analysts currently estimate earnings of $9.81 per share and revenues of $13.17 billion for 2020.