US Stock Market News | Adobe Surges Over 14% on Better-Than-Expected Earnings Announcement

On Friday, Adobe's stock price rose, as of the time of publication, the stock rose by more than 14%, to $525.92. Adobe announced better-than-expected latest quarterly performance and raised its fiscal year expectations until November. This quarter, Adobe's revenue reached $5.31 billion, a 10% increase from the same period last year. This slightly exceeded the company's expected range of $5.25 billion to $5.3 billion, and also exceeded FactSet's Wall Street consensus expectation of $5.29 billion. For the next quarter, Adobe expects revenue to be between $5.33 billion and $5.38 billion, with new Digital Media net ARR at $460 million. The company expects Digital Media revenue to be between $3.95 billion and $3.98 billion, and Digital Experience revenue to be between $1.325 billion and $1.345 billion. Adobe expects adjusted earnings per share for the next quarter to be between $4.50 and $4.55