Adobe Gives Tepid Sales Outlook, Stoking AI Disruption Fears

Bloomberg2024-12-12

(Bloomberg) -- Adobe Inc. gave a disappointing annual sales outlook, underscoring anxieties that the creative software giant could be disrupted by emerging artificial intelligence-based startups.The ...

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Adobe’s stock has dropped 7.8% this year, lagging behind software peers and industry benchmarks. Investors have voiced recurring anxieties that AI-based creative tools from firms like OpenAI or Runway AI could take market share from Adobe.Revenue will be about $23.4 billion in the fiscal year ending in November 2025, the company said Wednesday in a statement. Earnings, excluding some items, will be $20.20 a share to $20.50 a share. Analysts, on average, estimated sales of $23.8 billion and adjusted profit of $20.52 a share, according to data compiled by Bloomberg.Adobe, known for its software for creative professionals, has been adding generative AI features to its applications, such as embedding its proprietary model, Firefly, into products like Photoshop. 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Adobe ended the quarter with digital media annual recurring revenue of $17.3 billion, slightly ahead of the average analyst estimate. The digital media unit, which includes Adobe’s flagship creative and document-processing software, posted a 12% increase in sales to $4.15 billion in the quarter ended Nov. 29. 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