Adobe shares jump 14% as software firm posts record revenue

By Ovunc Kutlu

ISTANBUL (AA) - US-based multinational computer software company Adobe saw its stock price jump more than 14% on Friday afteer posting record revenue.

The firm's stock price was trading at $524.94 per share at 12.42 p.m. EDT (1642GMT) for a daily gain of 14.43% after it closed Thursday at $458.74 a share.

The company posted a total revenue of $5.31 billion for the three months ended May 31, up 10.2% from approximately $4.82 billion recorded for three months ended June 2 last year.

Net income increased 21.7% to $1.57 billion from $1.29 billion during the same period, according to the company's financial results statement released Thursday after market closing.

"Adobe achieved record revenue of $5.31 billion driven by strong growth across Creative Cloud, Document Cloud and Experience Cloud," Chair and CEO Shantanu Narayen said in the statement. "Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users."

The company's Digital Media segment revenue came in at $3.91 billion, which is an 11% rise year-on-year, while the Digital Experience segment revenue was $1.33 billion -- an annual increase of 9%.