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Adobe’s enthusiasm for driving AI innovation is evident in the AI capabilities introduced
(Reuters) – Adobe has beaten Wall Street’s quarterly results and forecasts, thanks to efforts by Photoshop makers to spur demand through the integration of generative artificial intelligence (AI).
The San Jose, Calif.-based company has gained more than 5% in aftermarket trading.
Adobe’s commitment to fostering AI innovation is evidenced by the introduction of AI capabilities into Acrobat, Express, Photoshop, and Premiere Pro.
Earlier this month, Adobe announced that it would be making Firefly, an artificial intelligence tool for image generation, available to large enterprise customers and providing financial compensation for copyright infringement involving content created with the tool.
“Users are currently generating over 500 million assets on the Firefly website and Photoshop, making these two beta releases the most successful in the company’s history,” said Adobe CFO. Dan Durn told Reuters.
Analysts see generative AI as a potential driver of revenue growth in 2024, with near- and long-term benefits for both creative and experience businesses.
The company expects revenue to be in the $4.83 billion to $4.87 billion range for the current quarter, raising its fiscal year 2023 revenue to $19.35 billion from $19.25 billion, according to Refinitiv data. Both were above analyst expectations.
The focus continues to be on the impact of generative AI and the completion of the pending Figma contract. Adobe is awaiting final decision on a $20 billion acquisition deal for its cloud-based designer platform, with management expecting a first ruling this month.
With the deal, Adobe gains ownership of the company whose web-based collaborative platform for design and brainstorming is widespread among tech companies such as Zoom Video Communications, Airbnb and Coinbase. will be obtained.
Revenue for the quarter ended June 2 was $4.82 billion, versus analyst estimates of $4.77 billion, and adjusted earnings were $3.91 per share, beating estimates of $3.79.
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