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Adobe Inc (NASDAQ:ADBE) shares are trading lower in Thursday's after-hours session after the company announced financial results and issued guidance below analyst estimates.
Adobe said fiscal second-quarter revenue increased 14% year-over-year to $4.39 billion, which beat the estimate of $4.34 billion, according to data from Benzinga Pro. The company said its better-than-expected revenue results were driven by strong demand across Creative Cloud, Document Cloud and Experience Cloud.
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Adobe reported quarterly adjusted earnings of $3.35 per share, which beat the estimate of $3.31 per share.
"Our operating model continues to fuel consistent growth, enabling the company to invest in category-leading cloud solutions and emerging innovations that are gaining traction in the marketplace," said Dan Durn, executive VP and CFO of Adobe.
Adobe said it expects fiscal third-quarter revenue to be approximately $4.43 billion versus the estimate of $4.51 billion. The company expects fiscal third-quarter adjusted earnings to be approximately $3.33 per share.
Adobe provides content creation, document management and digital marketing and advertising software and services to creative professionals and marketers.
See Also: 'That Made Me Look Closer': Why This Adobe Investor Was Cautious Ahead Of Q2 Earnings
ADBE Price Action: Adobe shares are making new 52-week lows on Thursday.
The stock was down 3.71% in after hours at $351.52 at press time.
Photo: Hitesh Choudhary from Pixabay.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.