TapTechNews June 14th, Adobe, the developer of Photoshop, raised its revenue forecast for fiscal year 2024 this Thursday, as more and more enterprises and consumers start using its AI-driven editing tools despite signs of an economic slowdown.
Adobe's revenue in the second quarter of fiscal year 2024 was $5.31 billion (TapTechNews note: about 38.539 billion yuan currently), exceeding the expected $5.29 billion. The company reported digital media revenue of $3.91 billion, higher than the expected $3.89 billion.
Adobe now expects its fiscal year 2024 revenue to be between $21.4 billion and $21.5 billion (about 155.316 billion yuan to 156.042 billion yuan currently), compared to the previous forecast of between $21.3 billion and $21.5 billion. After the news was released, Adobe's share price rose by more than 16% in after-hours trading.
According to LSEG data, the average forecast for Adobe's fiscal year 2024 by analysts is $21.46 billion (about 155.752 billion yuan currently).
Adobe's outlook reflects that as customers increase their spending on software products such as Premiere Pro, Animate, and After Effects, its AI investment is paying off.
Adobe also raised its adjusted earnings per share forecast for fiscal year 2024 from the previous $17.60 and $18 per share to $18 and $18.20 per share.