Adobe Inc. shares inched 0.24% higher to $579.66 Friday. This proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.33% to 4,280.70 and the Dow Jones Industrial Average DJIA rising 0.69% to 34,433.84.
Adobe Inc. closed $1.31 below its 52-week high ($580.97), which the company achieved on June 24th. The stock outperformed some of its competitors Friday, as Microsoft Corp. MSFT fell 0.63% to $265.02, Salesforce.com Inc. CRM fell 0.78% to $241.87, and SAP SE ADR SAP fell 0.62% to $140.36.Adobe Inc trading volume (2.1 M) eclipsed its 50-day average volume of 2.1 M.This was the stock’s second consecutive day of gains. Adobe’s Digital Media revenue rose 25% year over year to $2.79 billion during the quarter.
Adobe expects its Digital Media revenue to rise 22% year over year in the third quarter and 22% for the full year. That stable growth indicates Adobe’s multi-year transformation of its desktop software into cloud-based services paid off. Its Digital Experience revenue rose 21% year over year to $938 million during the second quarter. Adobe expects its Digital Experience revenue to rise another 21% year over year in the third quarter, and grow roughly 20% for the full year.