Adobe Shares Climb 16% After Raising Fiscal Year Outlook, 2Q Beat
By Ben Glickman
Shares of Adobe rose in late trading after customers drawn in by artificial intelligence offerings lifted fiscal second-quarter results.
The stock was up 16% to $531 in post-market trading on Thursday following a 0.2% drop at the close. Shares are down about 23% this year.
Adobe now expects $18 to $18.20 in adjusted per-share earnings on the year, compared with its previous guidance for $17.60 to $18 a share. The company also raised the bottom end of its full-year guidance range for revenue.
Chief Executive Shantanu Narayen said the company's approach to artificial intelligence and product delivery had drawn in new customers and gave more value to existing users.
Revenue rose 10% to $5.31 billion, ahead of Wall Street analysts' expectations.
The software provider's profit rose to $1.57 billion, or $3.49 a share, in the quarter ended May 31, from a profit of $1.25 billion, or $2.82 a share, a year earlier. Stripping out certain one-time charges, Adobe's adjusted profit per share was $4.48, beating analysts' expectations.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
June 13, 2024 19:16 ET (23:16 GMT)
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