By Sabela Ojea

Adobe Inc. on Thursday posted higher profit and revenue for the fiscal fourth quarter, with adjusted earnings beating the forecasts of analysts and the company itself.

The software maker, which recently agreed to buy design platform Figma Inc., said net profit for the three months ended Dec. 2 rose to $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 a share, beating market views of $2.48 a share, according to FactSet. Adjusted earnings also came ahead of management expectations of $3.50 a share.

Revenue increased 10% to $4.53 billion, in line with market expectations according to FactSet. Revenue also rose ahead of management expectations of $4.52 billion.

Remaining performance obligations, a measure of future business that represents contracted revenue that hasn't been recognized, stood at $15.19 billion at the end of the quarter, it said.

Operating expenses rose 17% to $2.45 billion, the company said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 15, 2022 16:39 ET (21:39 GMT)

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