Adobe plans up to $2 billion share buyback

Wed Jan 14, 2015 5:27pm EST
 
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(Reuters) - Photoshop maker Adobe Systems Inc (ADBE.O: Quote) said it would buyback up to $2 billion of its shares through the end of fiscal 2017.

The company's shares rose 2.2 percent to $71.50 in extended trading on Wednesday.

Adobe said authority of its previous buyback program of up to $2 billion through fiscal 2015 has been exhausted.

The company reported a 3 percent rise in revenue in the fourth quarter ended Nov. 28, helped by higher subscription sales of its Creative Cloud suite.

(Reporting By Kshitiz Goliya; Editing by Sriraj Kalluvila)

 
Adobe company logos are seen in this picture illustration taken in Vienna July 9, 2013. Picture taken July 9, 2013. REUTERS/Leonhard Foeger