Adobe Inc. (NASDAQ:ADBE) posted upbeat results for its second quarter and also issued a strong forecast.
Adobe reported second-quarter revenue of $5.31 billion, beating the consensus estimate of $5.292 billion. The company reported quarterly adjusted earnings of $4.48 per share, beating analyst estimates of $4.39 per share, according to data from Benzinga Pro.
“Adobe achieved record revenue of $5.31 billion driven by strong growth across Creative Cloud, Document Cloud and Experience Cloud,” said Shantanu Narayen, chair and CEO of Adobe.
Adobe expects third-quarter revenue to be in the range of $5.33 billion to $5.38 billion versus estimates of $5.03 billion. The company anticipates third-quarter adjusted earnings of $4.50 to $4.55 per share versus estimates of $4.17 per share.
Adobe also introduced full-year 2024 guidance. The company expects full-year revenue to be between $21.4 billion and $21.5 billion versus estimates of $19.98 billion. Adobe sees full-year adjusted earnings in the range of $18 to $18.20 per share versus estimates of $16.78 per share, according to Benzinga Pro.
Adobe shares fell 0.3% to close at $458.74 on Thursday.
These analysts made changes to their price targets on Adobe after the company reported quarterly results.
- Keybanc increased the price target on Adobe from $445 to $450. Keybanc analyst Jackson Ader maintained an Underweight rating.
- Baird raised Adobe price target from $525 to $545. Baird analyst Rob Oliver maintained a Neutral rating.
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