Adobe shares soared 16 per cent on Friday after the company raised its annual revenue forecast on higher demand for its artificial intelligence-powered software.
At 12:24 pm EDT, Adobe shares were at $525.44, higher by $66.70, or 14.54 per cent on the tech-heavy Nasdaq.
At $528.81, the Photoshop-maker’s share price touched its highest level since March 14.
Earnings and forecast
The company reported its earnings on Thursday.
It raised the midpoint of its fiscal year 2024 revenue forecast to $21.45 billion, as compared to its prior forecast of $21.40 billion.
Its total second quarter revenue stood at $5.31 billion, which include $3.91 billion of revenue from digital media business.
Adobe’s forecast allayed fears among investors that the company could lose customers to AI startups such as Dall-E maker OpenAI.
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Published: 14 Jun 2024, 10:09 PM IST