Adobe jumps as it adds AI to its software

Article Excerpt

This leading software firm’s shares recently jumped after it posted a bigger-than-expected jump in profits and sales in the latest quarter, and it raised its forecasts. That’s all on top of rising interest in its artificial intelligence products. That has prompted existing customers to spend more and has attracted new ones. Adobe is a Power Buy. ADOBE INC., $522.25, is a Power Buy. The company (Nasdaq symbol ADBE; TSINetwork Rating: Average) (www.adobe.com; Shares o/s: 448.0 million; Market cap: $234.0 billion; No dividends paid) operates through three main segments: The Digital Media segment’s software includes Adobe Photoshop and Adobe InDesign. The Digital Experience segment provides analytics, social marketing, targeting, media optimization, and cross-channel campaign management software. It also offers premium video delivery. The Publishing segment produces software that lets computer users create, edit and share documents in the popular PDF format. It offers software to develop web applications. In the three months ended May 31, 2024, Adobe’s revenue rose 10.2%, to a record $5.31 billion from $4.82 billion. Earnings climbed…