Adobe’s Annual Sales Forecast Falls Short on Currency Impact
- Software maker says strong dollar will trim 2023 growth by 4%
- Company projects annual revenue that falls short of estimates
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Adobe Inc., the biggest maker of creative design software, reiterated its forecasts for the current quarter even while projecting 2023 revenue that fell just short of analysts’ estimates, relieving investors who feared economic uncertainty would hinder demand.
Exchange rates and the strong US dollar are expected to cause a 4% headwind to sales growth in 2023, and about a $700 million downward revaluation to the company’s digital media annual-recurring revenue, the company said. Adobe generates more than 40% of its sales overseas. Speaking during the company’s presentation Tuesday to analysts, Chief Executive Officer Shantanu Narayen said the forecast was muted by the economic environment.