Adobe Creative Cloud subscriber additions disappoint

By | March 18, 2015

Scalper1 News

Adobe Systems (ADBE) reported better-than-expected sales and earnings for its fiscal first quarter late Tuesday, but investors focused on one number that disappointed: new subscribers to Adobe’s Creative Cloud. The media software company added 517,000 net new subscribers to its Creative Cloud, up 28% year over year and bringing the total to 3.97 million subscribers. But Wall Street analysts were looking for 573,000 additions for the quarter ended Feb. 27. Adobe stock was down 3.5%, below 77, in midday trading on the stock market today. “We think it was a good number, but people would have liked to have seen more,” Adobe Chief Financial Officer Mark Garrett told IBD. “It was a really good quarter and if you’re going to focus just on the 517 (thousand new subscribers), you’re missing the bigger story anyway.” Creative Cloud subscriber additions in Q1 were reduced by a reporting change, he said. With the… Scalper1 News

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