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Adobe posts higher quarterly net income, revenues

Adobe Systems Inc. said its net income increased by about 24% during the second quarter of fiscal 2018, boosted by record quarterly revenue.

The company posted net income of $663.2 million, or $1.33 per share on a GAAP basis, up from $374.4 million, or 75 cents per share, in the year-ago quarter.

On a non-GAAP basis, the company's net income was $825.4 million, or $1.66 per share, up from $510.3 million, or $1.02 per share, in the prior-year period. The S&P Capital IQ normalized EPS estimate was $1.54.

Adobe posted total revenue of $2.20 billion for the quarter, up from $1.77 billion in the prior-year quarter.

Operating income for the period was $698.5 million, up from $504.1 million in the prior-year quarter.

For the first half, Adobe posted net income of $1.25 billion, or $2.50 per share on a GAAP basis, up from $772.8 million, or $1.54 per share a year ago.

Total revenues for the first half were $4.27 billion, up from $3.45 billion in the first half of fiscal year 2017. Operating income for the period also increased to $1.40 billion from $973.1 million from year ago.

"Adobe delivered record revenue with strong earnings and cash flow, and we expect our momentum to continue in the second half of fiscal 2018," said Executive vice president and CFO John Murphy.