A Mixed Bag Of Earnings
Despite the economic and banking issues capturing investors’ attention, some earnings reports are worth mentioning.
First up is software giant Adobe, which beat fiscal first-quarter expectations. Its adjusted earnings per share of $3.80 on revenues of $4.66 billion topped the expected $3.68 and $4.62 billion. Its cost-cutting efforts and adjustment of expectations are bearing fruit. As a result, the company raised its fiscal 2023 profit forecast to $15.30-$15.60 per share and $1.7 billion in net new annualized recurring revenue (ARR) from its Digital Media segment. That segment saw revenue grow 9% YoY last quarter, and it’s starting to monetize its recent acquisition of Frame.io. $ADBE shares were up about 5% on the news. 🌤️