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Stock Alert: Adobe Ascends 10%

Shares of Adobe Inc. (ADBE)are up more than 10% Friday morning after reporting better-than-expected first-quarter earnings. The stock is currently trading at $313.99 It has traded in the range of $252.03- $386.74.

The U.S market is also rebounding from the bruises it suffered on Thursday.

Net income for the first quarter rose to $955 million or $1.96 per share from $674 million or $1.36 per share. Excluding items, earnings of $2.27 per share beat the average estimate of 23 analysts polled by Thomson Reuters at $2.23.

Adobe's quarterly earnings were hurt by charges related to the cancellation of corporate events including Adobe Summit due to the COVID-19 situation by $0.07.

Revenue for the quarter grew 19% year-over-year to $3.09 billion.

For the second quarter, Adobe expects revenue of approximately $3.175 billion and adjusted EPS to be about $2.35. The Street expects earnings of $2.33 on revenue of $3.22 billion for the quarter.

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