Why Adobe Shares Are Rising During Tuesday's After-Hours Session

Adobe Inc ADBE shares are trading higher by 3.28% to $302.59 during Tuesday's after-hours session after the company reaffirmed its current fourth quarter fiscal year 2022 financial targets and provided preliminary financial targets for fiscal year 2023.

What Happened?

Ahead of the Adobe MAX Creativity Conference, the company guided FY23 sales as low as $19.1 billion or as high as $19.3 billion, versus the analyst consensus estimate of $19.82 billion. Adobe also sees adjusted EPS as low as $15.15 or as high as $15.45, versus the analyst consensus estimate of $15.53.

"Our strategy to empower everyone to imagine and express their ideas, create the world's best content and applications and power personalized digital experiences represents a massive market opportunity that will drive Adobe's next decade of growth," said Shantanu Narayen, chairman and CEO, Adobe.

"Adobe's continued success in this uncertain macroeconomic environment underscores that our solutions are mission-critical to a growing universe of customers," Narayen stated.

See Also: Netflix Q3 Earnings Highlights: Revenue, Subscribers Beat Estimates, Company Throws Shade At Streaming Rivals

According to data from Benzinga Pro, Adobe has a 52-week high of $699.54 and a 52-week low of $274.73.