Adobe Systems Incorporated (NASDAQ:ADBE) after Thursday's close announced that its third-quarter 2023 revenue rose 10% year over year to $4.89 billion, surpassing the analyst consensus forecast of $4.82 billion.
Its adjusted earnings per share (EPS) for the period, meanwhile, increased 20% year over year to $4.09, which also exceeded Wall Street expectations of $3.98.
“Adobe delivered world-class margins and earnings in Q3, while making significant investments in our technology platforms,” Adobe chief financial officer Dan Durn said in a statement.
Adobe also achieved record net new Digital Media Annualized Recurring Revenue (ARR) of $464 million during the quarter.
For 4Q, the company expects to generate adjusted EPS of $4.10 to $4.15 on revenue of $4.975 billion to $5.025 billion.
Shares of Adobe were flat in Thursday’s after-hours trading session and have gained 64% year to date.
Contact Sean at sean@proactiveinvestors.com