By Denny Jacob

Adobe Inc. shares rose 4.8% to $349.50 in aftermarket trading Wednesday after it raised guidance on some of its fiscal 2023 targets and issued its outlook for the second quarter.

The software maker forecast revenue between $4.75 billion and $4.78 billion and adjusted earnings between $3.75 and $3.80 a share in the second quarter.

Adobe also forecast digital media net new annual recurring revenue around $420 million, digital media segment revenue between $3.45 billion and $3.47 billion, digital experience segment revenue between $1.21 billion and $1.23 billion, and digital experience subscription revenue between $1.06 billion and $1.08 billion for the second quarter.

Adobe guided for adjusted earnings between $15.30 and $15.60 a share as well as digital media net new annual recurring revenue around $1.7 billion in fiscal 2023. It previously forecast adjusted earnings between $15.15 and $15.45 a share and digital media net new annual recurring revenue around $1.65 billion.

Shares, which closed up 0.1% to $333.61, are down about 21% over the last 12 months.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

March 15, 2023 16:40 ET (20:40 GMT)

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