Muted Cloud Sales Forecast Offsets Q2 Earnings Beat
Adobe shares slumped lower in pre-market trading after the world's third-largest cloud software group forecast weaker-than-expected near-term revenues..
thanks in part to headwinds linked to the strength of the U.S. dollar and the global economic uncertainty.
Adobe posted record revenues of $4.39 billion for the three months ending on June 3, the group's fiscal second quarter, with an adjusted non-GAAP bottom line of $3.35 per share
both of which topped Street forecasts. In terms of individual segment, Digital Experience revenues..
which include its marketing solutions products, were up 17% from last year while Digital Media, which houses Adobe's two cloud divisions, rose 15%.
Looking into the current quarter, however, Adobe said it sees revenues of around $4.43 billion, with a tally of $17.65 billion for the full year,..
each of which fell shy of forecasts from Refinitiv, as strong dollar headwinds, Russia's war on Ukraine and the broader macro-economic pullback weighed on forecasts.
"Enterprise CEOs right now all recognize it's an uncertain time. And that's the conversation that we have...
But despite that uncertain macroeconomic environment, the thing that all of them recognize is that Digital is a priority," CEO Shantanu Narayen told investors
for more news updates