Adobe Gains After Raising Forecasts on AI Features Roll-Out
- Artificial intelligence tools spur creative software demand
- Company says Figma purchase should be done by end of the year
This article is for subscribers only.
Adobe Inc. shares gained after the company raised its full-year revenue and profit outlooks on optimism that generative AI features will spur demand for its software.
Sales will be about $19.3 billion in the fiscal year ending in November, compared with an earlier forecast of about $19.2 billion, the company said. Adjusted profit will be as much as $15.75 a share, from a previous outlook of $15.60. Analysts, on average, estimated profit of $15.50 a share on sales of $19.3 billion. The stock rose 2.6% to $503.76 at 10:02 a.m. in New York.