Last Update: June 16, 2023, 06:20 AM IST
United States of America, USA)
New Adobe video tools will let users ask an AI system to read a script and then automatically generate a storyboard (Reuters Photo)
Shares of California-based Adobe rose more than 5% in aftermarket trading
Adobe Inc on Thursday beat Wall Street’s estimates for quarterly results and forecasts, as the Photoshop maker’s efforts to spur demand with generative artificial intelligence (AI) integration paid off.
Shares of the San Jose, California-based company rose more than 5% in aftermarket trading.
Adobe’s race to drive AI innovation has been evident with AI features introduced in Acrobat, Express, Photoshop and Premiere Pro.
Earlier this month, Adobe said it would offer Firefly, its artificial intelligence tool for creating images, to its large business customers, along with financial compensation for copyright challenges associated with content created with the tool.
Adobe CFO Dan Dern told Reuters: “Users have now earned over half a billion assets on the Firefly website and Photoshop, our two most successful beta releases in the company’s history.”
Analysts see generative AI as a near- and long-term benefit for both creative and experience businesses, which could be a catalyst for 2024 revenue growth.
According to data from Refinitiv, the company forecast current-quarter revenue to be in the range of $4.83 billion to $4.87 billion and projected fiscal 2023 revenue to be between $19.25 billion and $19.35 billion.
Focus continues on the impact of generative AI and the pending closing of the Figma transaction. Adobe is waiting to finalize its $20 billion buyout deal for the cloud-based designer platform, with management expecting an early decision this month.
The deal will give Adobe ownership of a company whose web-based collaborative platform for design and brainstorming is widely popular among tech firms including Zoom Video Communications, Airbnb Inc and Coinbase.
Revenue for the quarter ended June 2 came in at $4.82 billion, compared with analysts’ estimates of $4.77 billion, while adjusted profit came in at $3.91 per share, which topped estimates of $3.79 per share.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – reuters,
