Adobe Inc ADBE shares are rising in Thursday’s after-hours session after the company reported its fourth-quarter financial results.
What Happened: Adobe said fourth-quarter revenue increased 10% year-over-year to $4.53 billion, which was in line with average analyst estimates, according to Benzinga Pro. The company reported quarterly earnings of $3.60 per share, which beat average estimates of $3.50 per share.
Adobe said its operating cash flows reached $7.84 billion in the quarter.
“Strong demand for our offerings, industry-leading innovation and track record of top- and bottom-line growth set us up to capture the massive opportunities in 2023 and beyond,” said Dan Durn, executive vice president and CFO of Adobe.
Adobe expects first-quarter revenue to be between $4.6 billion and $4.64 billion versus estimates of $4.64 billion. The company sees first-quarter earnings in a range of $3.65 to $3.70 per share versus estimates of $3.64 per share.
Adobe anticipates full-year 2023 revenue in a range of $19.1 billion to $19.3 billion versus estimates of $19.37 billion. The company expects full-year adjusted earnings to be between $15.15 and $15.45 per share versus estimates of $15.25 per share.
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ADBE Price Action: Adobe has a 52-week high of $591.58 and a 52-week low of $274.73.
The stock was up 5.08% in after hours at $345.16 at time of publication, according to Benzinga Pro.
Photo: www_slon_pics from Pixabay.
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