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Adobe Beats Third-Quarter Revenue Estimates
- On Thursday, Adobe Systems Inc. beat Wall Street revenue estimates for the fiscal third quarter, reporting $6.76 billion as demand for its AI-integrated products and tools continued to grow.
- Prioritizing AI across its creative and customer-experience products, Adobe defended its market position against newer rivals, with AI-first annual recurring revenue growing more than 150 per cent year over year.
- The San Jose, California-based software maker reported fiscal third-quarter net income of $1.83 billion, while adjusted profit per share of $6.13 surpassed analysts' estimates of $6.09.
- Adobe named Anil Chakravarthy as its next CEO, with longtime chief executive Shantanu Narayen transitioning to executive chair on December 1 as the company seeks accelerated growth.
- For the fiscal fourth quarter, Adobe projects revenue between $6.8 billion and $6.85 billion, with per-share earnings expected to range from $6.30 to $6.35.
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Will Adobe's AI-Driven, Record-Setting Revenue Ease Wall Street's Worry?
Adobe has had a busy start to the month. Last week, its Board of Directors selected Adobe's next President and CEO, and this week, the company posted record-setting Q3 financial results.
·San Francisco, United States
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Adobe's revenue guidance for the next quarter disappointed, reigniting investor concerns about competition from generative artificial intelligence. The company posted record revenue and AI-related recurring revenue grew more than 150 percent, but the market remains concerned about how much pressure new AI tools will put on the company in the long term.
·Budapest, Hungary
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Total News Sources33
Leaning Left1Leaning Right2Center12Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
13%
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