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Adobe plans new hiring spree as the company hits record revenues

Author : Saipriya Iyer | Published Date : 2020-09-17 

As the COVID-19 pandemic continues to impact the global business landscape, software companies and tech firms seem to be faring much better than other enterprises owing to their compatibility with the work-from-home trend, which ensures employee safety and smooth working of the organization. With other industries making efforts to consolidate their work from home infrastructure by shifting to digital platforms, demand for such software products is increasing tremendously. This trend is further driving growth and hiring sprees across technology firms as they look to address the elevated client demand.   

Recently, Adobe, a renowned American software company, has reportedly announced that it is planning to start a new hiring spree as the company has hit record revenues in its latest performance quarter.

The company witnessed a rise in its shares by 3% during after-hours trading on Tuesday as the software firm released promising third-quarter performance outcomes that were much better than the previous Wall Street estimates.

Shantanu Narayen, CEO of Adobe stated that the company’s efforts at focusing on employees that are working productively from their homes during the COVID-19 pandemic has motivated people to make investments in software firms.

Narayen further added that the company projects this ongoing momentum to effectively continue across the remainder of the year and also beyond. Owing to this strong performance, the software giant plans to increase recruitment during the fourth quarter of 2020.

Adobe recorded net revenue of $955 million, or $2.57 adjusted earnings per share, as compared to the net revenue of $793 million, or $1.63 earnings per share reported in the same quarter of 2019. The company’s revenue increased to $3.23 billion up 14% from the $2.8 billion reported in 2019. Likewise, the fourth-quarter guidance of the enterprise was also more than prior estimations.

FactSet-surveyed analysts had anticipated the company’s adjusted earnings of $2.41 per share on the income of $3.16 billion. The company’s shares have witnessed a tremendous rise of 51% in 2020 as it continues to gain profits due to the pandemic. Additionally, the broader S&P index has also increased by 5.3% in 2020.

Source credit: https://www.foxbusiness.com/markets/adobe-eyes-hiring-spree-after-hitting-revenue-record

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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