[ad_1]
Important points
- Adobe stock fell in after-hours trading Thursday. The company announced that first-quarter profits exceeded analyst expectations, but gave a weak outlook for the second quarter.
- The company’s revenue for the first quarter of 2024 exceeded expectations at $5.18 billion, a record high, while net income and diluted earnings per share came in at $2.05 billion and $4.48, respectively, also in line with expectations. exceeded.
- However, Adobe issued a weaker outlook for second-quarter revenue of between $5.25 billion and $5.3 billion, compared to analysts’ expectations of $5.3 billion.
- Unlike the first quarter of 2023, the company did not include full-year forecasts.
- Adobe also announced a $25 billion buyback program.
Adobe (ADBE) stock fell more than 10% in after-hours trading Thursday after the company reported first-quarter profits that beat analysts’ expectations, but gave a soft outlook for the second quarter.
The company reported sales of $5.18 billion for the first quarter of fiscal 2024. This all-time high exceeded analyst expectations compiled by Visible Alpha and represented 11% year-over-year growth.
Adobe’s net income for the quarter was $2.05 billion, beating analyst expectations and increasing from the previous quarter and the same period last year. Diluted earnings per share (EPS) of $4.48 exceeded expectations and increased from the same period last year and the same period last year.
The company said it expects second-quarter sales to be between $5.25 billion and $5.3 billion. However, analysts had expected guidance to be at the higher end of that range, at $5.3 billion.
Adobe’s diluted EPS outlook for the next quarter is between $4.35 and $4.40, in line with analysts’ expectations of $4.35.
The company did not include full-year forecasts such as the first quarter of 2023.
Adobe filed to terminate its acquisition of Figma in the first quarter of 2024, incurring a $1 billion termination fee.
The company also announced a $25 billion stock repurchase program.
Adobe stock fell more than 10% to $511 in after-hours trading. Despite the losses, the stock is up more than 70% over the past year.
[ad_2]
Source link
