ADBE

By Sabela Ojea

Shares of Adobe Inc. on Thursday climbed 6.4% in after-hours trading after the software maker said it predicts better-than-expected earnings and revenue growth in the first quarter of fiscal 2023.

The stock was trading at $349.61 after closing down 3.3% at $328.71. For the year, shares are down about 42%.

Stripping out one-time items, the software maker's earnings are expected to be between $3.65 and $3.70, ahead of market views for adjusted earnings of $2.85, according to FactSet. Adobe posted adjusted earnings per share of $2.71 for the same period a year earlier.

The company, which left its outlook for fiscal 2023 unchanged, said it also expects revenue to grow to between $4.60 billion to $4.64 billion in the first quarter, ahead of market views of $4.63 billion and reported revenue of $4.26 billion for the prior year.

For the year, Adobe continues to predict revenue in the range of $19.1 billion to $19.3 billion, it said. Analysts anticipate revenue of $19.4 billion, according to FactSet.

Overall for the fourth quarter of fiscal 2022, the company posted higher profit and revenue, with adjusted earnings beating the forecasts of analysts and the company itself.

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

(END) Dow Jones Newswires

December 15, 2022 16:52 ET (21:52 GMT)

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