Adobe projects sales topping estimates on creative growth

Adobe Inc. gave a forecast for revenue in the current quarter that topped analysts’ estimates and raised its annual guidance, a sign that creative software applications continue to drive strong growth.

Sales will be about $3.72 billion in the period ending in May, the San Jose, California-based company said Tuesday in a statement. Analysts, on average, estimated $3.69 billion, according to data compiled by Bloomberg. Profit, excluding some items, will be about $2.81 a share. Analysts projected $2.70.

The maker of Photoshop raised its 2021 fiscal year revenue forecast to $15.45 billion from $15.15 billion and said sales in its main digital media segment would increase 22% after earlier projecting 19% growth. Adjusted earnings will be about $11.85 a share, an increase from $11.20 previously forecast.