Adobe (NASDAQ:ADBE) gained in Friday trading after the company offered a strong outlook when reporting earnings.
The company came in above analyst expectations for fourth-quarter earnings, according to Refinitiv. Revenue was in line with expectations for the quarter.
Adobe achieved revenue of $4.53 billion in its fourth quarter of fiscal year 2022, which represents 10% year-over-year growth or 14% in constant currency. Diluted earnings per share was $2.53 on a GAAP basis and $3.60 on a non-GAAP basis.
Adobe gave an optimistic outlook for the first quarter and full year at a time when many companies are reining in expectations.
For the first quarter, Adobe expects to earn $3.65 to $3.70 per share after adjustments on revenue of $4.60 billion to $4.64 billion. Analysts polled by Refinitiv had expected $3.64 in adjusted earnings per share and $4.64 billion in revenue.
The company also reaffirmed its full-year guidance for both measures.
“Adobe drove record revenue and operating income in fiscal 2022,” said Shantanu Narayen, chairman and CEO, Adobe. “Our market opportunity, unparalleled innovation, operational rigor and exceptional talent position us well to drive our next decade of growth.”
“Adobe’s outstanding financial performance in fiscal 2022 drove record operating cash flows of $7.84 billion,” said Dan Durn, executive vice president and CFO, Adobe. “Strong demand for our offerings, industry-leading innovation and track record of top- and bottom-line growth set us up to capture the massive opportunities in 2023 and beyond.”
ADBE shares zoomed $25.18, or 7.7%, to $353.88.
