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Earnings Outlook: Adobe stock rises as outlook confirmed ahead of earnings


Adobe Inc. shares rose in the extended session Tuesday after the software company did what many tech companies have not this earnings season: Stick to its forecast.


shares advanced more than 3% in after-hours trading, following a 0.2% decline to close the regular session at $292.98.

Several tech companies, from Nvidia Corp.

to Applied Materials Inc.
have been reporting sales shortfalls of about $1 billion ahead of earnings reports this season. Adobe reports much later, however, estimated around Dec. 15.

The company said it estimates “preliminary” fiscal 2023 targets of adjusted earnings of $15.15 to $15.45 a share on revenue of $19.1 billion to $19.3 billion.

Analysts surveyed by FactSet had forecast earnings of $15.52 a share on revenue of $19.85 billion.

Adobe also said it is reaffirming its fourth-quarter outlook of $3.50 a share on revenue of $4.52 billion. Analysts expect $3.50 a share on revenue of $4.53 billion.

Adobe shares have dropped more than 20% since mid-September, compared with a 4.6% decline by the S&P 500 index

over that span, after Adobe announced its $20 billion deal to acquire Figma, a design platform for collaborators, a deal that’s received little love from Wall Street.

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