Adobe little changed after beating quarterly estimates
hapabapa/iStock Editorial via Getty Images
Adobe (NASDAQ:ADBE) fell 0.25% after the close on Thursday as earnings and forecasts beat expectations.
For the third quarter, EPS of $4.09 compared to the average analyst expectation of $3.98 while revenue of $4.89B compared to the estimate of $4.87B.
The company anticipates revenue for the fourth quarter of $4.975B to $5.025B, compared to the expected $5B. EPS should come in at between $4.10 to $4.15 versus the estimated $4.06.
Shares are up 64% year-to-date.
âAdobe delivered world-class margins and earnings in Q3, while making significant investments in our technology platforms,â Chief Financial Officer Dan Durn said in a statement. âOur innovation engine, global reach and strong operational rigor position us to capture the massive opportunities ahead.â
Regarding a possible consumer spending slowdown, Chief Executive Officer Shantanu Narayen told CNBC in an interview that: "For a long time now weâve been talking about âWill this customer confidence continue?,' and I think weâve all been pleasantly surprised by how much itâs sustained.â
The Digital Media segment revenue was $3.59B, representing 11% growth year-over-year growth. Document Cloud revenue was $685M, representing 13% year-over-year growth.
Creative ARR grew to $11.97B and Document Cloud ARR grew to $2.63B. Digital Experience segment revenue was $1.23B, representing 10% year-over-year growth.
âWe are unleashing a new era of AI-enhanced creativity around the world with innovations across our product portfolio,â Narayen said in a statement.
Shares closed down 0.2% on Thursday.
The stock has 18 Strong Buy recommendations from Wall Street analysts, seven Buys and 13 Holds.

More on Adobe

Seeking Alphaâs Quant Rating on Adobe
Historical earnings data for Adobe
Financial information for Adobe
Adobe: Fresh New Adobe Express With Firefly AI Capabilities
Adobe Q3 Earnings Preview: Beat And Raise Is Highly Likely

Adobe Inc. (ADBE) Goldman Sachs 2023 Communacopia + Technology Conference (Transcript)
Is Adobe A Generative AI Winner Or Loser? A Critical Analysis
Adobe Non-GAAP EPS of $4.09 beats by $0.11, revenue of $4.89B beats by $20M
Adobe Preview: Earnings ahead, but analysts are more excited for the Max event
Adobe launches GenStudio; releases new Firefly gen AI models, web app