Adobe forecasts annual revenue below estimates

12/11/2024

Less than a minute

2024.12.11 16:41

(Reuters) -Photoshop maker Adobe (NASDAQ:) forecast annual revenue below Wall Street estimates on Wednesday, indicating the company’s investments to weave AI into its software applications were taking longer to bear fruit.

Shares of the San Jose, California-based company fell over 6% in extended trading.

© Reuters. FILE PHOTO: Adobe logo is seen on smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The company forecast revenue between $23.30 billion and $23.55 billion compared with estimates of $23.78 billion, according to data compiled by LSEG.

While Adobe projected strong growth for the second half of the year in June, its forecast on Wednesday indicated the company was still struggling to monetize its AI push.

12/11/2024

Less than a minute

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