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One of the largest software companies in the world, Adobe Inc. (NASDAQ: ADBE) announced Q1 FY2024 earnings results after the market closed in the US on Thursday.
The company achieved revenue of $5.182 billion – a new record vs. $5.143 billion expected. Revenue grew by 11% year-over-year.
Earnings per share (EPS) was reported at $4.48 (up from $3.80 in 2023) vs. $4.377 per share estimate.
Adobe expects revenue of between $5.25 and $5.30 billion for the current quarter, which would fall below Wall Street estimate of $5.31 billion. EPS expected at between $4.35 and $4.40 vs. $4.37 per share estimate.
Company overview
CEO commentary
“Adobe drove record Q1 revenue demonstrating strong momentum across Creative Cloud, Document Cloud and Experience Cloud,” Shantanu Narayen, CEO of Adobe said in a press release to shareholders.
“We’ve done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio,” Narayen added.
Stock reaction
There was no major movement in Adobe share price before the earnings call. The stock was down by 0.54% at $570.45 a share.
Shares fell by around 10% in the after-hours trading despite beating analyst estimates on future guidance.
Stock performance
Adobe stock price targets
Adobe Inc. is the 42nd largest company in the world with a market cap of $258.15 billion, according to CompaniesMarketCap.
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Sources: Adobe Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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