Adobe shares climb as Wall Street likes outlook, process on Figma deal
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Adobe (NASDAQ:ADBE) shares climbed 3% Friday as Wall Street showed enthusiasm for the digital media giant's business outlook and fiscal fourth-quarter results.
Late Thursday, Adobe (ADBE) said that for its fiscal first quarter, it expects to report earnings, excluding one-time items, of $3.65 to $3.70 a share, with revenue in a range of $4.6B to $4.64B. 
Regarding its two main business lines, Adobe (ADBE) forecast digital media sales of $3.35B to $3.38B, and digital experience revenue between $1.16B and $1.18B.
Adobe (ADBE) also reported fourth-quarter earnings of $3.60 a share on $4.53B in revenue. Analysts had previously forecast Adobe (ADBE) to earn $3.50 a share, excluding one-time items, on $4.53B in sales.
Mizuho analyst Gregg Moskowtiz said that Adobe's (ADBE) results show it "remains well-positioned to benefit for digital transformation" that many industries are still going through.
However, Moskowitz added that "the past several quarters have been quite uneven" due to a challenging macro economic environment. Moskowitz also said that Adobe's (ADBE) proposed $20B stock-and-cash acquisition of digital collaboration platform company Figma, and its ongoing regulatory review process "will likely serve as an overhang [on the stock] for a while. Moskowitz left his neutral rating on Adobe's (ADBE) stock unchanged, but lifted his price target to $370 a share from $360.
On a conference call Thursday evening, Adobe Chief Executive Shantanu Narayen said that as the Figma deal goes though the regulatory process, "We can focus on thinking about strategically."
Narayan added that Adobe (ADBE) is "getting a lot of great feedback from [our] customers, but stressed that "these are two separate independent companies."
In late November, the U.S. Department of Justice began and second in-depth antitrust review of Adobe's Figma deal.