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Adobe shares rise after release of its FY'19 growth targets

Shares of Adobe Systems Inc. rallied in extended-hours trading on Oct. 15 after the company released its initial revenue growth targets for its fiscal year 2019.

The software firm estimates its total revenue to grow by 20% year over year for its fiscal year 2019, and its digital experience subscription bookings to increase by 25%.

Adobe said the preliminary growth targets do not reflect its planned acquisition of marketing software and solutions provider Marketo Inc.

Adobe also reaffirmed its revenue and EPS forecasts for the fourth quarter of fiscal 2018. The company said it was on track to earn $1.42 per share on a GAAP basis and $1.87 per share on an adjusted basis in the quarter, on projected revenues of $2.42 billion.

The software company will report its fourth-quarter earnings for FY 2018 and FY 2019 revenue and EPS targets on Dec. 13.

Adobe's stock was up 5.46% as of 5:37 p.m. ET, trading at $251.00 per share. The stock earlier closed 4.36% lower.