TECH - Adobe's Better-Than-Expected Quarterly Results Show AI Is Further Strengthening Its Creative Software Dominance | Benzinga
On Thursday, Adobe Inc (NASDAQ: ADBE) topped expectations on earnings and revenue with its fiscal second quarter results, along with lifting the full-year guidance.
AI-fueled Fiscal Second Quarter Highlights
For the quarter ended on May 31st, Adobe reported revenue grew 10% YoY to $5.31 billion, surpassing LSEG’s estimate of $5.29 billion. The design software maker reported adjusted earnings of $4.48, also surpassing LSEG’s estimate of $4.39.
Net-new annualized recurring revenue for the Digital Media business that cover Creative Cloud subscriptions amounted to $487 million as Creative Cloud subscribers upgraded their plans to access company’s generative AI model and use its capabilities to enhance their creative work.
Fiscal Third Quarter Outlook
For the current quarter, Adobe guided for adjusted earnings per share in the range between $4.50 and $4.55 on a revenue ...