|
|
|
|
||
Adobe Cuts Its Outlook, Citing Foreign ExchangeAdobe Cuts Its Outlook, Citing Foreign ExchangeBarron's (Online); New York Late Tuesday, Adobe (ticker: ADBE) gave guidance for its fiscal 2023 that was below Wall Street's expectations, citing a negative impact from moves in foreign exchange. In a news release, the company offered a revenue guidance range of $19.1 billion to $19.3 billion for fiscal 2023, versus the $19.85 billion consensus, according to FactSet. Adobe also expects adjusted earnings per share for the fiscal year to come within a range of $15.15 to $15.45, compared with the $15.52 estimate. Changes in currency rates will lower its annualized recurring revenue by approximately $700 million for fiscal 2023, the company added. Adobe shares rose 1.7% to $297.85 in premarket trading Wednesday. Adobe said its forecasts for fiscal 2023 don't include the Figma acquisition that is expected to close next year. Adobe shareholders were likely bracing for the worst. The company's shares tumbled by more than 20% since the software company announced its blockbuster $20 billion deal to buy start-up Figma last month. Some analysts were concerned the move signaled future weakness in Adobe's core software business. Later today, the company is hosting a financial analyst meeting at its Adobe MAX Creativity Conference in Los Angeles where it might give more details on the strategic vision for buying Figma. |
return to message board, top of board |