Analysts said John Murphy is the latest in a string of strong CFOs at the San Jose-based Adobe. They expect he will help the company extend a streak of stellar performance that has sent stock prices skyrocketing this year
They expect he will help the company extend a streak of stellar performance that has sent stock prices skyrocketing from roughly $28 in 2011 to over $300 this year. “It’s a hall of fame of CFOs in terms of what they have done,” said Dan Ives, a managing director at Wedbush Securities Inc.But Murphy and other company leaders had a rare misstep recently, which has concerned some investors. The company’s $4.
Since 2013, revenue at the company has steadily grown, however. Tomorrow Adobe is expected to report it has posted more than $10 billion in annual revenue for the first time in its history. “There’s not many companies, never mind software companies, that have broken the $10 billion barrier,” Murphy said. Adobe executives expect annual revenues to fall somewhere around $11 billion for 2019, compared to $9.03 billion in 2018. “We’re on a good trajectory.
Investors, however, were displeased with Marketo’s performance in the third quarter and its impact on the fourth-quarter outlook. Shares of Adobe slipped 1.75% after the release of the financial results. “It was a little bit of a hiccup,” Murphy said. The subscription bookings for Marketo did grow, he added. “It just didn’t grow as fast as we expected,” Murphy said. “And ultimately, obviously, it translates to revenue a little bit in the short term.
“The Marketo acquisition filled a specific need for them, in what’s called B2B marketing, business to business,” said Rob Oliver, an analyst with private equity firm Baird. “Adobe traditionally hasn’t been as strong there.”
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