Adobe Q3 Results: Robust AI-Powered Automation demand drives Adobe profits
Adobe Q3 Results: Key insights
- Adobe expects revenue for the fourth quarter of FY23 between of $4.975 billion to $5.025 billion, much higher than industry expectations.
- The firm has shown an increase in EPS by over 20 percent each year.
- Operational cash flows amounted to $1.87 billion.
Adobe share price and Adobe results:
Adobe shares decreased 0.25% in early trading on September 15, 2023, on the quarterly results. Adobe shares have gained about 65% over the past six months along with most technology-related stocks over a positive development in AI-related products and services.
Adobe shares historical performance:
|1 Day||1 Month||1 Year||5 Year|
|4.89 billion||4.33 billion||12.93%|
- Adobe's revenue rose by 12.93% to 4.89 billion.
- Adobe forecasted current-quarter revenue in the range of $4.83 billion to $ 4.87 billion.
- America - Accenture's biggest market - also performed well in the July to September period, with revenue growth of about 13.19% to 2.94 billion.
Adobe Net Profit
|1.40 billion||1.13 billion||23.89%|
In Adobe's third quarter, it reported a profit of $1.40 billion, compared with a profit of $1.13 billion, or in the same period a year earlier on account of strong operating revenue.
Adobe share repurchase
Adobe repurchased approximately 2.1 million shares during the quarter.
Adobe share price target
- Renowned BMO Capital believes generative AI will boost Adobe's yearly revenue. Foresees 10-15% price hikes and expects user growth in all categories.
- Renowned brokerage Bachman has a ‘buy’ rating on the firm with a share price target of $640.
- Renowned brokerage Jefferies has a ‘buy’ rating on the firm with a share price target of $660.