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BREAKING NEWS

Adobe quarterly revenue beats on strong subscription growth

Adobe quarterly revenue beats on strong subscription growth
FILE PHOTO: An Adobe Systems Inc software box is seen in Los Angeles, California, U.S., March 13, 2017. REUTERS/Lucy Nicholson -
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Lucy Nicholson(Reuters)
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(Reuters) – Adobe Inc <ADBE.O> beat Wall Street estimates for quarterly revenue on Tuesday, boosted by a rise in subscriptions in its digital media business that includes image editing software Photoshop.

Revenue rose 24% to $2.83 billion in the third quarter ended Aug.30, beating analysts’ average estimate of $2.82 billion, according to IBES data from Refinitiv.

Net income rose to $792.8 million, or $1.61 per share, from $666.3 million, or $1.34 per share, a year earlier.

(Reporting by Neha Malara in Bengaluru; Editing by Arun Koyyur)

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