Adobe lifts profit forecast for fiscal 2023 and beats estimates on quarterly results
Summary
Adobe shares rose 5% in extended trading on Wednesday after software maker announced fiscal first-quarter results that topped Wall Street estimates and lifted its full-year forecast. Adobe bumped up its profit forecast for the 2023 fiscal year, and now sees $15.30 to $15.60 in adjusted earnings per share, with $1.7 billion in net new annualized recurring revenue from Digital Media. In December Adobe said it was looking for $15.15 to $15.45 in adjusted earnings per share for the full year, with $1.65 billion in net-new Digital Media ARR. And in the quarter Adobe beat out "single-product competitors" in categories such as analytics and content management for some deals, said Anil Chakravarthy, president of the Digital Experience unit. "We have completed the discovery phase of the U.S. DOJ second request and are prepared for next steps, whether that is an approval or a challenge," Adobe CEO Shantanu Narayen said on the conference call.