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Adobe Inc NASDAQ:ADBE NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 298.41 296.00 297.69 324 09:37:56

Adobe Posts Higher 1Q Profit, Revenue

22/03/2022 8:47pm

Dow Jones News


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     By Maria Armental 
 

Adobe Inc. reported higher profit and better-than-expected revenue growth in the latest period and estimated an expected $75 million revenue hit from the business disruption tied to Russia's invasion of Ukraine.

First-quarter profit rose to $1.27 billion from $1.26 billion a year earlier. On a per-share basis, profit was $2.66, or $3.37 as adjusted.

Revenue rose to $4.26 billion from $3.91 billion a year earlier.

Adobe had projected $2.63 a share, or $3.35 a share as adjusted, and $4.23 billion in revenue. Analysts surveyed by FactSet expected $2.67 a share, or $3.34 a share as adjusted, and $4.24 billion in revenue.

Remaining performance obligations, a measure of future business that represents contracted revenue that hasn't been recognized, stood at $13.83 billion exiting the quarter.

Adobe, which had halted sales in Russia and Belarus, on Tuesday said it had reduced its digital media annualized recurring revenue balance by $75 million, which it said represented all ARR for existing business in Russia and Belarus. The company said it would continue to provide digital media services in Ukraine but reduced ARR by an additional $12 million, which it said represents the entire digital media business in Ukraine.

 

Write to Maria Armental at maria.armental@wsj.com

 

(END) Dow Jones Newswires

March 22, 2022 16:32 ET (20:32 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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