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Adobe has raised its full-year adjusted earnings forecast after reporting first-quarter results above Wall Street estimates as more customers chose its subscription-based model, reports "Reuters" (http://tinyurl.com/cpxx7tu).
The company raised its full-year adjusted earnings forecast to approximately US$1.45 per share from about $1.40 per share, above analysts' estimates of $1.41 per share. Adobe has been moving to a web-based subscription service Creative Cloud since last year from a licensing model.
"We're seeing higher-than-expected conversion rate to the paid model and that's a very positive sign. What that implies is that customers are happy," Edward Jones analyst Josh Olson told "Reuters."