Adobe Offers Tepid Sales Outlook Despite Growing AI Optimism

Bloomberg2023-09-15

Adobe Inc. provided a sales outlook that met analysts’ expectations, but disappointed investors who expected demand for the company’s artificial intelligence tools would boost revenue.Sales will be $...

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nywles
2023-09-15
nywles
Thanks
Andrewinho
2023-09-15
Andrewinho
Opportunity!! 👏👏👏

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Bloomberg Intelligence’s Anurag Rana projects a 10% sales increase in the first year of availability.“We are unleashing a new era of AI-enhanced creativity around the world with innovations across our product portfolio,” Chief Executive Officer Shantanu Narayen said in the statement.Some analysts expressed caution about whether the price increase would affect demand. “We do see more risk around this year’s price increase given the company just raised prices 18 months ago, and the competitive landscape is rapidly evolving,” Tyler Radke, an analyst at Citigroup, wrote ahead of the results.The company said fiscal fourth-quarter sales in the Digital Media unit, which includes signature offerings such as Photoshop, will be as much as $3.7 billion, beating the average estimate of $3.66 billion. 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