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HomeBusinessAdobe first quarter results beat estimate, shares fall 13 percent on weak...

Adobe first quarter results beat estimate, shares fall 13 percent on weak revenue forecast

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Adobe reported its first quarter results on Friday. Although the software company posted higher earnings, its shares fell by 13 percent due to a weak revenue forecast. The design company also said it would buy back $25 billion in stock a day earlier. It recently scrapped its $20 billion deal with Figma due to regulatory restrictions.

Adobe reported better-than-estimated earnings per share (EPS) of $4.48. Per their analysts, this was higher than LSEG’s (formerly known as Refinitiv) estimates of $4.38. Analysts also estimated revenue of $5.14 billion, but the company posted a higher revenue of $5.18 billion.

Despite higher earnings and revenue in the quarter, the design software company forecasted a light future outlook, which caused the shares to tumble.

Adobe expects adjusted EPS of $4.35 to $4.40 in the current quarter, compared to analysts’ expectations of $4.38. The software company also estimated revenue of $5.30 billion, below the analyst’s estimate of $5.31 billion.

Adobe has launched an artificial intelligence assistant for its Reader and Adobe applications. It can help users digest information that is available in long PDF documents. It will be available as a subscription plan after it comes out of the beta version.

Some analysts have put Adobe’s price target at $630 to $640, while others have it at $660. The company is considered good, and all analysts believe the stock price will recover, although it may be slow.

There are also positive indicators for Adobe due to its strength in Creative Cloud and its widely used artificial intelligence tool, Firefly. Firefly is Adobe’s generative artificial intelligence image creation tool that might offer multiple ways of monetization.

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