Adobe Inc
Q2 Earnings: Adobe said second-quarter revenue increased 10% year-over-year to $4.82 billion, which beat the consensus estimate of $4.43 billion, per Benzinga Pro. The creative software company reported quarterly adjusted earnings of $3.91 per share, which beat estimates of $3.79 per share.
Cash flow from operations totaled $2.14 billion in the quarter. The company said it repurchased 2.7 million shares during the second quarter.
"Adobe achieved record Q2 revenue demonstrating strong demand across Creative Cloud, Document Cloud and Experience Cloud," said Shantanu Narayen, chair and CEO, Adobe.
"Adobe's ground-breaking innovation positions us to lead the new era of generative AI given our rich datasets, foundation models and ubiquitous product interfaces."
Outlook: Adobe expects third-quarter revenue to be in the range of $4.83 billion to $4.87 billion versus estimates of $4.86 billion. Third-quarter adjusted earnings are expected to be between $3.95 and $4 per share versus estimates of $3.89 per share
Full-year revenue is expected to be between $19.25 billion and $19.35 billion versus estimates of $19.3 billion. The company sees full-year adjusted earnings in the range of $15.65 to $15.75 per share versus estimates of $15.50 per share.
The top and bottom-line beat, paired with a strong earnings outlook, appear to be the main driving forces propelling shares higher after the close.
Management will hold a conference call to discuss these results at 5 p.m. ET.
ADBE Price Action: Adobe hit new 52-week highs on Thursday and continued to trade higher after the close.
Adobe shares were up 3.95% after hours at $510.30 at the time of publication, according to Benzinga Pro.