Categories AlphaGraphs, Earnings, Technology
ADBE Earnings: Adobe Q1 2024 revenue and profit beat estimates
Design software maker Adobe Inc. (NASDAQ: ADBE) on Thursday reported an increase in first-quarter 2024 revenue and earnings. The results also surpassed analysts’ forecasts.
First-quarter revenues came in at $5.18 billion, which is up 11% from the year-ago quarter. The top line benefited from strong growth in the core Digital Media business.
Adjusted net profit, excluding one-off items, rose to $4.48 per share in Q1 from $3.80 per share last year. Unadjusted net income was $620 million or $1.36 per share in the February quarter, compared to $1.25 billion or $2.71 per share in the first quarter of 2023.
“We’ve done an incredible job harnessing the power of generative AI to deliver groundbreaking innovation across our product portfolio,” said Adobe’s CEO Shantanu Narayen.
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