The Californian software giant Adobe released its forecasts for the new fiscal year 2023/24 on Wednesday after the US stock market closed. Revenue is expected to be around 21.4 billion US dollars (19.8 billion euros). This means the company misses investors' expectations, and Adobe's stock temporarily falls by 6.06 percent to 586.44 US dollars on Thursday pre-market at NASDAQ. The adjusted profit of 17.60 to 18 dollars per share is also below the average market expectations of 18 dollars.
Investors were disappointed due to the high expectations for Adobe's AI features.
In recent months, Adobe has released new versions of its software and raised prices. This led to an impressive 86 percent increase in Adobe's stock this year. In the fiscal year that ended on December 1, the company recorded a ten percent increase in revenue to 19.4 billion dollars.
At the end of the day, Adobe posted a profit of 5.4 billion dollars, representing a 14 percent increase compared to the previous year.
The future of Adobe remains promising thanks to advanced AI technology. Investors hope for further success of the software company in the fast-paced and constantly evolving world of technology. With its innovative products and focus on artificial intelligence, Adobe has established itself as a leading provider in the industry and will continue to have a significant impact on the digital world.
