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ovenerio
Omar Venerio
Articles (1508) 

Wall Street Green on Wednesday

Adobe reports better-than-expected financial results

U.S. stocks were in positive territory on Wednesday. The Dow Jones Industrial Average gained 0.29% to 26,543, the S&P 500 index advanced 0.35% to 2,927 and the Nasdaq Composite Index jumped 0.39% to 7,984.

Shares of Adobe Inc. (NASDAQ:ADBE) gained nearly 5% on Wednesday after the company announced second-quarter results on Tuesday. Revenue grew 25% from the prior-year quarter to $2.74 billion, beating expectations by $40 million. Earnings of $1.83 per share beat estimates by 5 cents.

"The depth and breadth of our enterprise partner ecosystem remains a competitive advantage contributing to pipeline generation, customer success as well as financial performance," Chief Financial Officer John Murphy told investors during the earnings call. "We had another successful quarter of selling alongside Microsoft, where our combined value proposition is resonating with enterprise customers. told investors on a conference call late Tuesday."

During the quarter, the Digital Media segment generated $1.89 billion in sales, a 22% year-over-year increase. Creative revenue was $1.59 billion and Document Cloud revenue was $296 million.

Futher, cash flow from operations was $1.11 billion.

Looking ahead, the company expects third-quarter revenue of $2.8 billion and earnings per share of $1.95.

Gainers

Losers

Global markets

The main European stock markets were mostly lower. The U.K.'s FTSE 100 fell 0.53%, France's CAC 40 advanced 0.16%, Germany's Dax retreated 0.19% and Spain's IBEX 35 slid 0.10%.

In Asia, Japan's Nikkei 225 gained 1.72%, India’s BSE Sensex rose 0.17%, Hong Kong's Hang Seng advanced 2.56% and China's Shanghai Composite closed 0.96% higher.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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