Connect with us

Finances

Adobe (ADBE) Q1 earnings report 2024

Published

on

Advertisement

Adobe CEO Shantanu Narayen speaks throughout an interview with CNBC on the ground on the New York Inventory Alternate (NYSE) in New York Metropolis, U.S., February 20, 2024. 

Brendan Mcdermid | Reuters

Advertisement

Adobe shares tumbled as a lot as 11% in prolonged buying and selling on Thursday after the design software program maker issued robust fiscal first-quarter outcomes however got here up barely quick on quarterly income steerage.

Here is how the corporate did, in contrast with estimates from analysts polled by LSEG:

Advertisement
  • Earnings per share: $4.48, adjusted, vs. $4.38 anticipated
  • Income: $5.18 billion, vs. $5.14 billion anticipated

Adobe’s income grew 11% yr over yr within the quarter, which ended on March 1, in line with a statement. Web earnings decreased to $620 million, or $1.36 per share, from $1.25 billion, or $2.71 per share, in the identical quarter a yr in the past.

Through the quarter, Adobe abandoned its $20 billion acquisition of design software program startup Figma after United Kingdom regulators discovered aggressive considerations. The corporate paid Figma a $1 billion termination charge. And Adobe announced an early model of a synthetic intelligence assistant for its Reader and Acrobat apps.

Adobe sees fiscal second-quarter earnings of 4.35 to $4.40 per share on an adjusted foundation, with $5.25 billion to $5.30 billion in income. The center of the vary implies 9% development. Analysts polled by LSEG had been on the lookout for $4.38 per share and $5.31 billion in income.

Advertisement

The corporate stated it was setting apart $25 billion for share buybacks.

Leaving out the after-hours motion, Adobe shares have fallen 4% to date this yr, whereas the S&P 500 index has gained 8% over the identical time interval.

Advertisement

Executives will focus on the outcomes with analysts on a convention name beginning at 5 p.m. ET.

That is breaking information. Please test again for updates.

Advertisement

WATCH: Adobe CEO Shantanu Narayen on new AI tools: For us, it’s about driving ‘responsible’ innovation

Adobe CEO Shantanu Narayen on new AI tools: For us, it's about driving 'responsible' innovation
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *