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Adobe beats quarterly revenue estimates

By Thomson Reuters Jun 13, 2024 | 3:16 PM

(Reuters) -Photoshop maker Adobe beat Wall Street expectations for second-quarter revenue on Thursday as more businesses and consumers take to its artificial intelligence-powered editing tools amid signs of an easing economy.

Shares of the San Jose, California-based company jumped 12% in extended trading.

The company reported revenue of $5.31 billion, compared with estimates of $5.29 billion, according to LSEG data.

Adobe’s results reflect that its AI efforts are paying off as clients hike spending on its software products such as Premiere Pro, Animate and After Effects, which are used by creative professionals in a variety of fields.

The company reported digital media revenue of $3.91 billion, above estimates of $3.89 billion.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Vijay Kishore)