Adobe Gives Rosy Forecast Signaling Creative Software Growth
- Fiscal 2020 profit to reach $9.75 per share, beating estimates
- Software maker sees $128 billion addressable market in 2022
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Adobe Inc. gave an upbeat recurring revenue forecast for fiscal 2020 that reassured investors the software maker will see steady demand for its creative applications.
A measure of fresh demand for the company’s creative and document software, net new annual recurring revenue for digital media, will be $1.55 billion next fiscal year, the San Jose, California-based company said Monday at a financial analyst meeting. Analysts projected $1.53 billion, according to data compiled by Bloomberg. Wall Street is paying close attention to the metric amid slowing revenue growth overall.