Adobe (ADBE) Q1 earnings report 2024 [Video]

Adobe shares tumbled as much as 11% in extended trading Thursday after the design software maker issued strong fiscal first-quarter results but came up slightly short on quarterly revenue guidance.

Here’s how the company did, compared with estimates from analysts polled by LSEG, formerly known as Refinitiv:

• Earnings per share: $4.48 adjusted vs. $4.38 expected
• Revenue: $5.18 billion vs. $5.14 billion expected

Adobe’s revenue grew 11% year over year in the quarter, which ended March 1, according to a statement. Net income decreased to $620 million, or $1.36 per share, from $1.25 billion, or $2.71 per share, in the same quarter a year ago.

During the quarter, Adobe abandoned its $20 billion acquisition of design software startup Figma after U.K. regulators found competitive concerns. The company paid Figma a $1 billion termination fee.

Adobe announced an early version of an artificial intelligence assistant for its Reader and Acrobat apps.

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