TECH - Even The Mighty Adobe Isn't That Optimistic About 2024 | Benzinga
Although Adobe Inc (NASDAQ: ADBE) topped expectations with its fiscal fourth quarter results on Wednesday, its fiscal 2024 fiscal guidance was below estimates. The software maker’s shares, that rose 85% since the beginning of 2023, dropped more than 6% upon the report due to its lighter-than-expected forecast that accounted for an unfavorable impact of its ongoing negotations with regulators, the Federal Trade Commission, regarding its disclosure and subscription practices.
Quarterly Results Topped Estimates
For the quarter ended on December 1st, Adobe reported revenue grew 12% YoY to $5.05 billion, topping FactSet’s estimate of $5.03 billion. Document Cloud revenue led growth-wise, as it grew 16% YoY to $721 million. Digital Media experienced revenue growth of 13% YoY of $3.72 billion, followed by 12% YoY growth reported by the creative revenue segment, with Digital Experience bringing in $1.27 billion which translates to a growth rate of 10% YoY.
Net income rose 26% to $1.48 billion, ...