To The Moon

Adobe shares jumped 2.83% on fourth-quarter revenues up 10% as demand remains strong.Adobe Inc. said fourth-quarter revenue rose 10% on continued strong demand for its software and services. The company on Thursday also issued profit guidance for the current quarter that was better than Wall Street analysts projected. The report comes as various business software companies have indicated that customers are being more cautious on their spending plans due to a challenging economy. In recent weeks, Salesforce Inc., Okta Inc. and others have said that customers are taking longer to sign deals, clouding the outlook for the once-booming business software sector. Overall for the quarter ended Dec. 2, Adobe posted a profit of $1.18 billion, or $2.53 a share, compared with $1.23 billion, or $2.57 a share, for the prior year. Stripping out one-time items, the company’s earnings came in at $3.60, ahead of analyst estimates for $3.50 a share, according to FactSet. Revenue came in at $4.5 billion, in-line with Wall Street estimates. While Adobe left its outlook unchanged for its current fiscal year, it said it expects adjusted earnings of $3.65 to $3.70 in the current quarter. Analysts polled by FactSet expected $3.64. It forecasted revenue mostly in-line with Wall Street estimates. Adobe in September agreed to buy Figma Inc., a rival design platform that offers cloud-based collaboration tools, for around $20 billion. It still expects the deal to close in 2023. $(ADBE)$