Adobe 3Q Profit, Sales Rise as AI Demand Remains Strong
By Connor Hart
Adobe posted higher profit and revenue in its fiscal third quarter boosted by demand for its artificial-intelligence enabled products.
The San Jose, Calif., software maker on Thursday reported a profit of $1.68 billion, or $3.76 a share, for its three months ended Aug. 30, compared with $1.4 billion, or $3.07 a share, a year earlier.
Adjusted per-share earnings were $4.65, ahead of the $4.53 that analysts polled by FactSet forecast.
Revenue rose 11% to $5.41 billion, which topped the $5.37 billion expected by analysts, according to FactSet.
This increase was in part due to the company's digital media segment, up 11% from last year, for revenue of $4 billion. Creative revenue rose 10% to $3.19 billion, while document cloud revenue increased 18% to $807 million.
The company's remaining performance obligations at the end of the quarter were $18.14 billion.
For its fiscal fourth quarter, Adobe guided for revenue of $5.5 billion to $5.55 billion, as well as adjusted per-share earnings of $4.63 to $4.68. Analysts surveyed by FactSet expect revenue of $5.6 billion and adjusted earnings of $4.67 a share.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 12, 2024 16:39 ET (20:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
The 10 Best Companies to Invest in Now
-
New 4-Star Stocks
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth