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Adobe provides 2018 forecast that tops estimates

Adobe shares climbed more than 5 percent in extended trading on Wednesday, after the company provided a 2018 profit forecast that topped analyst estimates.

Earnings this year will be $5.50 a share, well above the $5.21 average estimate from analysts polled by Thomson Reuters. The company provided the forecast at a financial analyst conference in Las Vegas.

Adobe’s transition to the cloud has spurred sales growth and lifted the stock almost 50 percent in the past year. The shares rose 5.2 percent to $161 after hours.

Revenue in the third quarter jumped 26 percent to $1.84 billion, Adobe said last month. Digital media sales are approaching $5 billion a year.

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