Design software maker Adobe Inc. (NASDAQ: ADBE) on Wednesday reported higher earnings and revenues for the first three months of fiscal 2023. The company also provided guidance for the second quarter.
First-quarter revenues came in at $4.66 billion, which is up 9% from the year-ago quarter. The top line benefited from strong growth at the core Digital Media business.
Adjusted net profit, excluding one-off items, rose to $3.80 per share from $3.37 per share last year. Unadjusted net income was $1.25 billion or $2.71 per share, compared to $1.27 billion or $2.66 per share in the first quarter of 2022.
Check this space to read management/analysts’ comments on Adobe’s Q1 results
“Adobe drove record Q1 revenue and we are raising our annual targets based on the tremendous market opportunity and continued confidence in our execution,” said Adobe’s CEO Shantanu Narayen.