US software firm Adobe $ADBE reports 3Q results, outlook is within analysts' expectations. However, investors were expecting a revenue increase in AI products.
Results
Subscription revenue increased 12% y-o-y to USD 4.63bn, against analyst estimates of USD 4.57bn.
Product revenue decreased 24% year-over-year to $96 million. Product sales were down USD 96 million, compared to the... Read more
$ADBE Adobe released results for the third quarter of fiscal year 2023. The company achieved record quarterly net recurring digital media revenue growth of $464 million. Total revenue was $4.89 billion, up 10% year-over-year, or 13% in constant currencies. Net earnings per share even increased more than 20% year-over-year. Now they're also starting to dabble in AI.
I see the next week as more of an observation week. Thursday's results are due for $ADBE and I'm also curious to see what the upcoming holiday time will do to stocks like $ABNB
Thanks for the summary. I see the stock is up nicely this year, but after earnings the stock is down.