Adobe (ADBE) Q2 earnings report 2024

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

(ADBE) Q2 earnings report 2024

Shantanu Narayen, CEO of

This is the hidden content, please

• Sign In
• or
• Sign Up

being interviewed by Jim Cramer

Linda Dimyan | CNBC

This is the hidden content, please

• Sign In
• or
• Sign Up

shares jumped 17% in extended trading on Thursday after the design software maker reported earnings and revenue that topped estimates and lifted full-year guidance.

Here’s how the company did in comparison with LSEG consensus:

• Earnings per share: $4.48 adjusted, vs. $4.39 expected
• Revenue: $5.31 billion vs. $5.29 billion expected

This is the hidden content, please

• Sign In
• or
• Sign Up

’s revenue grew 10% year over year in the quarter, which ended on May 31, according to a

This is the hidden content, please

• Sign In
• or
• Sign Up

.

The company called for adjusted earnings per share of $4.50 to $4.55 for the fiscal third quarter, with $5.33 billion to $5.38 billion in revenue. Analysts polled by LSEG were looking for $4.48 in adjusted earnings per share and $5.4 billion in revenue.

Net-new annualized recurring revenue for the Digital Media business that includes Creative Cloud subscriptions came in at $487 million, above the StreetAccount consensus of $437.4 million.

This is the hidden content, please

• Sign In
• or
• Sign Up

bumped up its view for the 2024 fiscal year, calling for full-year adjusted earnings per share between $18.00 and $18.20 and revenue of $21.40 billion to $21.50 billion. Analysts surveyed by LSEG had projected $18.02 per share in adjusted earnings and $21.46 billion in revenue. The forecast

This is the hidden content, please

• Sign In
• or
• Sign Up

was $17.60 to $18.00 in adjusted earnings per share, with $21.30 billion to $21.50 billion in revenue.

In recent weeks software peers SentinelOne, UiPath, Veeva reduced their full-year revenue guidance citing economic weakness and corporate interest in artificial intelligence development. CEO Shantanu Narayen told analysts on a conference call that there were no changes to the economy that were worth calling out.

During the quarter,

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up

the availability of a service for fine-tuning the company’s Firefly generative artificial intelligence models to deliver image content consistent with clients’ brand guidelines.

“We’re excited about the accelerating pace of innovation across the Digital Media business and pleased with the adoption of AI functionality as well as its early monetization across Document Cloud and Creative Cloud, including our flagship applications, Firefly services and Express,” David Wadhwani, president of

This is the hidden content, please

• Sign In
• or
• Sign Up

’s Digital Media business, said on the call.

This is the hidden content, please

• Sign In
• or
• Sign Up

is seeing Creative Cloud subscribers upgrading their plans to access Firefly capabilities, he said.

Before

This is the hidden content, please

• Sign In
• or
• Sign Up

issued Thursday’s statement, shares were down 23% so far this year, while the S&P 500 index was up around 14%.

WATCH:

This is the hidden content, please

• Sign In
• or
• Sign Up

CEO on AI innovation, expanding AI strategy and revenue growth

This is the hidden content, please

• Sign In
• or
• Sign Up

Breaking News: Earnings,Earnings,Enterprise,Breaking News: Technology,Technology,Business,

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

#ADBE #earnings #report

This is the hidden content, please

• Sign In
• or
• Sign Up