Adobe Cloud Revenue Jumps, Jabil Circuit Beat Earnings Estimates

Mukesh Buch
15 Jun, 2018
New York City

Adobe profit surged after revenues soared 24%. Dorian missed earnings estimates and rejected unsolicited proposal from Singapore-based company. Finisar net swung to a loss. Jabil Circuit quarterly net swung to profit.

[R]12:45 PM New York City, New York – Adobe profit surged after revenues soared 24%. Dorian missed earnings estimates and rejected unsolicited proposal from Singapore-based company. Finisar net swung to a loss. Jabil Circuit quarterly net swung to profit.[/R]

Tollbooth Index decreased 62.24 or 0.4% to 15,462.87 but for the year-to-date soared 12.4%.

Earnings Review

Adobe Systems Inc ((ADBE)) dropped 2% or $5.22 to $252.88 after the software developer reported revenues in the second-quarter ending on June 1 soared 24% from a year ago to $2.2 billion.

Net income in the quarter surged 77.1% to $663.2 million or $1.33 per diluted share from $374.4 million or 76 cents in the same quarter last year.

Adobe said revenues in Digital Media segment was $1.6 billion and revenues in Creative Business segment increased to $1.3 billion and revenues in Document Cloud jumped 22% to $243 million from a year ago period.

Dorian LPG Ltd ((LPG)) slumped 2.3% or 19 cents to $8.28 after the liquefied petroleum gas shipping services provider stated revenues in the fourth-quarter ending in March plunged 18.1% from a year ago to $39 million.

Net in the quarter swung to a loss of $3.5 million or 6 cents per diluted share from profit of $1.9 million or 4 cents in the same quarter last year.

Separately today, Dorian LPG board had unanimously declined a billion dollar unsolicited, conditional proposal from Singapore-based BW LPG Ltd.

Finisar Corporation ((FNSR)) soared 4.9% or 88 cents to $18.58 after the fiber optical modules and components provider said revenues in the fourth-quarter ending on April 29 tumbled 13.3% from a year ago to $310.1 million.

Net in the quarter swung to a loss of $18.3 million or 16 cents per diluted share from profit of $130.2 million or $1.13 in the same quarter last year.

Finisar forecasted first quarter revenues in the range of $305 million to $325 million and gross margin between 26% and 27% and operating margin in the range of 4% to 5% and diluted earnings per share in the range of 10 cents to 16 cents.

Jabil Circuit Inc ((JBL)) plummeted 8.1% or $2.41 to $27.25 after the electronics product manufacturing services provider reported net revenues in the third-quarter ending in May jumped 21.2% from a year ago to $5.4 billion.

Net in the quarter swung to profit $42.5 million or 25 cents per diluted share from a loss of $25.3 million or 14 cents in the same quarter last year.

Jabil Circuit forecasted fiscal fourth-quarter revenues growth in the range of $5.2 billion to $5.6 billion and operating income in the range of $144 million to $199 million and diluted earnings per share between 38 cents and 65 cents.