Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Adobe Inc (NASDAQ: ADBE) reported better-than-expected results for its first quarter but issued weak revenue guidance for the current quarter.
Adobe’s first-quarter revenue increased 11% year-over-year to $5.18 billion, which beat the consensus estimate of $5.143 billion, according to Benzinga Pro. The company reported quarterly earnings of $4.48 per share, which beat analyst estimates of $4.38 per share.
“Adobe drove record Q1 revenue demonstrating strong momentum across Creative Cloud, Document Cloud, and Experience Cloud,” said Shantanu Narayen, chair and CEO of Adobe. “We’ve done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio.”
Adobe sees second-quarter revenue in the range of $5.25 billion to $5.30 billion versus estimates of $5.31 billion. The company anticipates second-quarter adjusted earnings of $4.35 to $4.40 per share versus estimates of $4.38 per share.
Adobe shares fell 11.1% to $507.00 in pre-market trading.
These analysts made changes to their price targets on Adobe following earnings announcement.
- Piper Sandler cut the price target on Adobe from $705 to $700. Piper Sandler analyst Brent Bracelin maintained an Overweight rating.
- JP Morgan slashed the price target on Adobe from $600 to $570. JP Morgan analyst Mark Murphy maintained a Neutral rating.
- Barclays slashed the price target on Adobe from $700 to $630. Barclays analyst Saket Kalia maintained an Overweight rating.
- Baird cut the price target on Adobe from $590 to $525. Baird analyst Rob Oliver maintained a Neutral rating.
Now Read This: Hibbett Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Latest Ratings for ADBE
| Mar 2022 | Mizuho | Maintains | Buy | |
| Jan 2022 | Deutsche Bank | Maintains | Buy | |
| Jan 2022 | UBS | Downgrades | Buy | Neutral |
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.