Adobe shares surge and head for sharpest rally since 2020

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

shares surge and head for sharpest rally since 2020

This is the hidden content, please

• Sign In
• or
• Sign Up

CEO Shantanu Narayen speaks during an interview with CNBC on the floor at the New York Stock Exchange on Feb. 20, 2024.

Brendan Mcdermid | Reuters

This is the hidden content, please

• Sign In
• or
• Sign Up

shares surged 15% on Friday, the biggest gain since March 2020, after the software maker reported earnings and revenue that beat analysts’ estimates.

After the bell on Thursday,

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

adjusted earnings per share of $4.48, topping the LSEG consensus estimate of $4.39 per share. Revenue increased 10% from a year earlier to $5.31 billion, exceeding analysts’ estimates of $5.29 billion.

CEO Shantanu Narayen attributed

This is the hidden content, please

• Sign In
• or
• Sign Up

’s record revenue to its strong growth across Creative Cloud, Document Cloud and Experience Cloud and its advancements in artificial intelligence.

“Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users,” Narayen said in a

This is the hidden content, please

• Sign In
• or
• Sign Up

on Thursday.

New annualized recurring revenue for the Digital Media business, which includes Creative Cloud subscriptions, came in at $487 million, beating the StreetAccount consensus of $437.4 million.

This is the hidden content, please

• Sign In
• or
• Sign Up

’s results provide a contrast to what software investors have seen from many industry peers of late. Salesforce shares suffered their worst plunge since 2004 late last month after the cloud software vendor posted weaker-than-expected revenue and issued disappointing guidance. That same week, MongoDB, SentinelOne, UiPath and Veeva all pulled down their full-year revenue forecasts.

However, there were positive signs in the sector this week. Oracle shares rallied after the database company announced cloud deals with

This is the hidden content, please

• Sign In
• or
• Sign Up

and OpenAI, even as fourth-quarter results fell short of Wall Street expectations. CrowdStrike jumped on Monday following the announcement after the close last Friday that the cybersecurity company would be added to the S&P 500.

JMP analysts, who have the equivalent of a hold rating on

This is the hidden content, please

• Sign In
• or
• Sign Up

, wrote in a note after the earnings report that the company’s results were uplifting despite a challenging economic environment and increased competition in design software.

“We like how

This is the hidden content, please

• Sign In
• or
• Sign Up

is integrating AI functionality across its product portfolio,” the analysts wrote.

Meanwhile, analysts from Piper Sandler raised their revenue estimates slightly by $73 million for fiscal 2024 and by $71 million for 2025. 

“Customer reactions to recent innovations were encouraging, as increasing availability of AI-powered solutions are expected to drive further user acquisition” and better average revenue per user, wrote the Piper Sandler analysts, who recommend buying the stock.

Even after Friday’s rally,

This is the hidden content, please

• Sign In
• or
• Sign Up

shares remain down 12% for the year. The stock closed at $525.31.

Don’t miss these exclusives from CNBC PRO

This is the hidden content, please

• Sign In
• or
• Sign Up

Earnings,CrowdStrike Holdings Inc,Alphabet Inc,Oracle Corp,Salesforce Inc,MongoDB Inc,Software,Software development,Technology,Breaking News: Technology,Shantanu Narayen,Piper Jaffray Companies,

This is the hidden content, please

• Sign In
• or
• Sign Up

Inc,business news
#

This is the hidden content, please

• Sign In
• or
• Sign Up

#shares #surge #sharpest #rally

This is the hidden content, please

• Sign In
• or
• Sign Up

For verified travel tips and real support, visit: https://hopzone.eu/