Adobe forecasts full-year sales growth on strong software demand

By talking magic fingers -

 Photoshop maker Adobe boosted its fiscal 2024 revenue prediction on Thursday as more businesses and individuals use its AI-powered editing tools amid an easing economy.

[caption id="attachment_59611" align="aligncenter" width="1200"] image credit: the adobe blog[/caption]

The San Jose, California-based company's shares rose 14% in extended trade.
The company now forecasts revenue between $21.40 billion and $21.50 billion, up from $21.30 billion. LSEG says analysts projected $21.46 billion on average.
As creative workers spend more on Adobe's Premiere Pro, Animate, and After Effects, Adobe's AI initiatives are paying dividends.
Despite competition from OpenAI, Stability AI, and Midjourney, the business announced in April that Photoshop will include an AI tool to make images.

[caption id="attachment_37522" align="aligncenter" width="590"]OpenAI Photo: Open AI[/caption]

The company topped second-quarter revenue projections of $5.29 billion with $5.31 billion.
Digital media sales was $3.91 billion, exceeding projections of $3.89 billion.
Adobe's Firefly AI picture generation tool trains on data it owns at a time of increased data privacy and copyright concerns around AI-created material.

In the quarter, the firm earned $4.48 per share adjusted, compared to $4.39 forecasts.

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