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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Analysts, on average, projected $5 billion, according to data compiled by Bloomberg. Profit, excluding some items, will be as much as $4.15 a share, compared with the average estimate of $4.06.Adobe, the longtime leader in creative software for graphic arts professionals, is adding generative AI features throughout its products. Citing the new tools, the company is raising prices for its products beginning Nov. 1, and will charge additional fees for power-users of the AI features. Analysts expect the new AI pricing to lift revenue quickly, with Jake Roberge, an analyst at William Bair, estimating the bump at more than $600 million over the next year. 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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