Technology

Adobe Announces New $25 Billion Stock Repurchase Program.

Adobe Reports Record Revenue in Q1 Fiscal 2024 Record Q1 Net New Document Cloud ARR; Enterprise strength drives RPO growth of 16 percent year over year SAN JOSE, Calif.–(BUSINESS WIRE)–March 14, 2024– Adobe (Nasdaq:ADBE) today reported financial results for its first quarter fiscal year 2024 ended March 1, 2024. “Adobe drove record Q1 revenue demonstrating strong momentum across Creative Cloud, Document Cloud and Experience Cloud,” said Shantanu Narayen, chair and CEO, Adobe. “We’ve done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio.” “Adobe’s Q1 results and record RPO reflect strong customer adoption of our innovative products and services,” said Dan Durn, executive vice president and CFO, Adobe. “As a result of our strong trajectory of growth and profitability, we are announcing a new $25 billion share repurchase program, which demonstrates Adobe’s continued commitment to returning capital to our shareholders.” First Quarter

Adobe (NASDAQ:ADBE) reported quarterly earnings of $4.48 per share which beat the analyst consensus estimate of $4.38 by 2.28 percent. The company reported quarterly sales of $5.180 billion which beat the analyst consensus estimate of $5.143 billion by 0.73 percent. This is a 11.28 percent increase over sales of $4.655 billion the same period last year.

Adobe Guides For Q2 EPS of $4.35-$4.40 on Revenue of $5.25-$5.30 Billion, Vs CIQ Analyst Consensus of $4.37/Share on Revenue of $5.30 Billion.

By Denny Jacob Adobe logged better-than-expected revenue in its latest quarter, reflecting sustained demand for products and services boosted by generative artificial intelligence. The software maker posted net income of $620 million, or $1.36 a share, for the first quarter ended March 1, down from $1.25 billion, or $2.71 a share, a year earlier. Adjusted earnings were $4.48 a share, above analysts’ estimates of $4.38 a share. Revenue climbed to $5.18 billion from $4.66 billion. Analysts polled by FactSet expected $5.14 billion. Remaining performance obligations exiting the quarter were $17.58 billion. Chief Financial Officer Dan Durn said the quarterly results and record remaining performance obligation reflects strong customer adoption of Adobe’s products and services. For the current quarter, Adobe guided for revenue between $5.25 billion and $5.3 billion as well as adjusted earnings per-share in the range of $4.35 and $4.40. Analysts polled by FactSet expected $5.3 billion in revenue

Adobe Inc (NASDAQ:ADBE) reported first-quarter financial results Thursday after the market close. Here’s a look at the key metrics from the quarter. Q1 Earnings: 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 has now beaten analyst estimates on both the top and bottom line in five straight quarters, according to Benzinga Pro data. Remaining performance obligations were $17.58 billion at the end of the quarter. Cash flows from operations totaled $1.17 billion in the fourth quarter. Adobe said it repurchased approximately 3.1 million shares during the quarter. The company’s board also authorized a new $25 billion stock repurchase program through March 14, 2028. “Adobe drove record Q1 revenue demonstrating strong momentum across Creative Cloud, Document Cloud, and Experience Cloud,” said Shantanu Narayen,

By Jon Swartz Software giant also announces $25 billion share-buyback program Adobe Inc.’s stock dipped more than 8% in extended trading Thursday after the company posted robust quarterly results that highlighted its AI push ahead of its annual developers conference. The company also announced a $25 billion share-buyback program. “We’ve done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio,” Adobe Chief Executive Shantanu Narayen said in a statement announcing the results. Adobe Summit, the company’s annual confab that has sharpened its focus on generative AI, is scheduled for late March in Las Vegas. Adobe (ADBE) reported fiscal first-quarter net income of $620 million, or $1.36 a share, compared with net income of $1.25 billion, or $2.71 a share, in the same quarter a year ago. Adjusted earnings were $4.48 a share. Revenue climbed 11% to $5.18 billion from $4.66 billion in

Adobe Systems (ADBE) late Thursday reported fiscal Q1 non-GAAP net income of $4.48 per diluted share, up from $3.80 a year earlier. Analysts polled by Capital IQ expected $4.38. Revenue for the quarter ended March 1 was $5.18 billion, up from $4.66 billion a year earlier. Analysts expected $5.15 billion. For Q2, the software company is projecting non-GAAP EPS of $4.35 to $4.40 on revenue of $5.25 billion to $5.30 billion. Analysts polled by Capital IQ are looking for $4.37 and $5.31 billion, respectively. Separately, Adobe said it has authorized the repurchase of up to $25 billion of its shares through mid-March 2028. Adobe shares were dropping nearly 10% in extended trading Thursday.