Adobe shares climb almost 6% on strong outlook, earnings results
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Adobe (NASDAQ:ADBE) shares climbed almost 6% in after-hours trading Thursday as the digital media technology company gave an upbeat business outlook and reported better-than-expected fiscal fourth-quarter results.
Adobe (ADBE) said that for its fiscal first quarter, it expects to earn between $3.65 and $3.70 a share, excluding one-time items, on revenue of $4.6B to $4.64B. The company also said it expects digital media revenue for the quarter to be in a range of $3.35B to $3.38B, and digital experience revenue to be between $1.16B and $1.18B.
Digital experience subscription revenue is also forecast to be in a range of $1.02B to $1.045B.
Along with that outlook, Adobe (ADBE) reported fiscal fourth-quarter earnings, excluding one-time items, of $3.60 a share, on revenue of $4.53B. Wall Street analysts had forecast Adobe to earn $3.50 a share, excluding one-time items, on $4.53B in sales.
Adobe (ADBE) has come under scrutiny since September, when it said it would acquire collaboration design platform technology company Figma, in a half-cash, half-stock deal worth $20B. In an interview with Seeking Alpha, Jonathan Vaas, Adobe's vice president of investor relations, said that the company's customers and investors are coming around to why Adobe is buying Figma.
"We've had a lot of conversations, and people are starting to see how this deal strengthens us, and how we are complementary to each other," Vaas said. "Many of our customers are big supporters of us bringing Figma to Adobe."
Vaas said that the Figma deal is on track to close as expected in 2023.
In November, the deal was reported to be the subject of a second, in-depth antitrust review by the U.S. Department of Justice.