Shantanu Narayen, CEO of Adobe, attends a media event in Mumbai on May 3, 2017.
Abhijit Bhatlekar | Mint | Hindustan Times | Getty Images
Adobe shares rose 5% in prolonged trading on Wednesday after software maker announced fiscal first-quarter results that topped Wall Street estimates and lifted its full-year foercast.
Here’s how the corporate did:
- Earnings: $3.80 per share, adjusted, vs. $3.68 per share as expected by analysts, in accordance with Refinitiv.
- Revenue: $4.66 billion, vs. $4.62 billion as expected by analysts, in accordance with Refinitiv.
Revenue 9% 12 months over 12 months within the quarter that ended March 3, in accordance with a statement. Net income fell barely to $1.25 billion.
The corporate’s Digital Media segment, which incorporates the Creative Cloud design software bundle, generated $3.4 billion in revenue, up 9% from a 12 months and above the $3.36 billion consensus amongst analysts polled by StreetAccount.
Adobe’s Digital Experience segment, which features Marketo marketing software, contributed $1.18 billion in revenue, just above the $1.17 StreetAccount consensus.
For the second quarter, Adobe expects earnings per share of $3.75 to $3.80 on an adjusted basis and $4.75 billion to $4.78 billion in revenue. Analysts surveyed by Refinitiv had been expecting $3.76 per share in adjusted earnings and $4.76 billion in revenue.
Adobe bumped up its profit forecast for the 2023 fiscal 12 months, and now sees $15.30 to $15.60 in adjusted earnings per share, with $1.7 billion in net recent annualized recurring revenue from Digital Media. In December Adobe said it was in search of $15.15 to $15.45 in adjusted earnings per share for the total 12 months, with $1.65 billion in net-new Digital Media ARR. Analysts polled by Refinitiv were in search of $15.31 in adjusted earnings per share.
In the course of the quarter, Adobe said it has been engaging with regulators within the U.S., U.K. and EU on its pending $20 billion acquisition of design software startup Figma.
Excluding the after-hours move, Adobe shares have declined 1% to this point this 12 months, while the S&P 500 index has risen 1%.
Executives will discuss the outcomes with analysts on a conference call starting at 5 p.m. ET.
That is breaking news. Please check back for updates.
WATCH: Adobe is an organization now we have admired for a extremely very long time, says Oakmark’s Bill Nygren