Adobe Inc ADBE is trading higher Friday, likely in sympathy with Oracle Corp ORCL, which is making new all-time highs today after reporting better-than-expected financial results, increasing its share buyback and declaring a quarterly dividend.
Oracle reported quarterly earnings of $1.21 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $10.36 billion, which beat the estimate of $10.21 billion.
Oracle increased its share repurchase program by $10 billion. The board of directors also declared a quarterly cash dividend of 32 cents per share.
"These strong results are being driven by the 22% growth of our infrastructure and applications cloud businesses which are approaching $11 billion in annualized revenue," said Safra Catz, CEO of Oracle.
Adobe provides content creation, document management and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing and engaging with compelling content, multiple operating systems, devices and media.
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ADBE Price Action: Adobe has traded as high as $699.54 and as low as $420.78 over a 52-week period.
The stock was up 2.63% at $649.27 at time of publication.
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