Adobe Q2 Results: Will strong revenues, excellent forecast push share prices higher? Let’s Find Out!

Adobe Q2 results: Key insights

1. Adobe posted Q2 revenue of $4.82 billion vs analysts' est of $4.77 billion
2. Adobe expects revenue for the third quarter of FY23 between of $4.83 billion to $4.87 billion, much higher than industry expectations.
3. Adobe expects generative AI to boost growth.
4. Adobe net new digital media annualized recurring revenue - a closely watched metric- beat expectations. 

Adobe share price and Adobe results:

Adobe shares jumped 3% in early trading on June 16, 2023 on the back of solid quarterly results. Adobe shares have gained about 46% since the beginning of the year along with most technology related stocks over a positive development in AI related products and services. 

Adobe share historical performance:

Decoding Adobe Q2 earnings:

Adobe Revenue

• Revenue rose 10% to $4.82 billion from a year ago compared to analyst expectations of $4.77 billion, according to Refinitiv.

Adobe net profit

Net income attributable to ordinary shareholders rose 10% to $1.3 billion from $1.2 billion a year earlier.

Adobe share repurchase

Adobe repurchased 2.7 million shares during the quarter. 

Adobe share price target

• Renowned brokerage Goldman Sachs has a ‘buy’ rating on the stock and a share price target of $550.
• Renowned brokerage Evercore has a ‘buy’ rating on the firm with a share price target of $590
• Brokerage UBS has a ‘buy’ rating on the stock with a price target of $525.

This is not investment advice. Investments in the securities market are subject to market risk, read all the related documents carefully before investing. Past performance is not indicative of future returns.