Design software maker Adobe Inc. (NASDAQ: ADBE) Tuesday said its first-quarter revenues increased amid stable demand for products. Earnings and revenues beat analysts’ estimates.
At $4.26 billion, first-quarter revenues were up 9% from the prior-year period and above the market’s projection. The top-line benefited from strong growth in the Digital Media and Digital Experience segments.
Net profit, excluding special items, rose to $3.37 per share from $3.14 per share last year and came in above the consensus forecast. Unadjusted net income was $1.27 billion or $2.66 per share, compared to $1.26 billion or $2.61 per share in the first quarter of 2021.
“Adobe achieved record Q1 revenue as Creative Cloud, Document Cloud and Experience Cloud continue to be pivotal in driving the digital economy. Adobe is committed to empowering individuals, transforming businesses and connecting communities,” said Adobe’s CEO Shantanu Narayen.
Check this space to read management/analysts’ comments on Adobe’s Q1 results
Adobe’s stock has dropped about 17% so far this year. The shares closed Tuesday’s session higher but dropped soon after the earnings announcement.