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Adobe shares surge premarket after Photoshop maker lifts annual financial outlook

Investing.com -- Adobe raised its annual earnings guidance after the Photoshop-maker posted better-than-expected second-quarter results, sending shares in California-based firm surging by over 14% in extended hours trading.

For the three months ended May 31, Adobe (NASDAQ:ADBE) reported adjusted earnings of $4.48 a share on revenue of $5.31 billion. Analysts polled by Investing.com had forecast $4.39 and $5.29 billion, respectively.

"“Our highly differentiated approach to AI and innovative product delivery are attracting an expanding universe of customers and providing more value to existing users,” said CEO Shantanu Narayen in a statement.

As a result, the company is now predicting that full-year earnings per share will be between $18.00 and $18.20, while revenue is projected in a range of $21.40 billion to $21.50 billion. It had previously forecast per-share income of $17.60 to $18.00 and revenue of $21.30 billion to $21.50 billion for its 2024 fiscal year.

Yasin Ebrahim contributed to this report.

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