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Adobe lifts FY2024 revenue guide, CFO to depart

Wall Street Journal US Business •
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Adobe lifted its full‑year revenue guidance on Thursday after a stronger‑than‑expected second quarter. The software maker now projects revenue of $26.5 billion to $26.6 billion, up from a prior $25.9 billion‑$26.1 billion range. Adjusted earnings per share are forecast for the full year at $24.35‑$24.45, versus $23.30‑$23.50 before the update.

Wall Street analysts surveyed by FactSet expected full‑year adjusted earnings of $23.54 per share on revenue of $26.06 billion. Adobe’s upgraded outlook therefore beats consensus, a factor that could buoy its stock amid a broader tech rally. The company also disclosed that Chief Financial Officer Dan Durn will leave on June 15 to pursue another professional opportunity.

The guidance lift narrows the gap between Adobe’s projections and market expectations, reinforcing confidence in its subscription‑based revenue model. Investors will watch how the firm sustains growth while navigating CFO turnover, but the immediate market reaction should reflect the stronger top‑line outlook rather than the leadership change. Adobe’s fiscal trajectory now aligns with the higher end of consensus forecasts.

Shareholders may also consider the timing of the CFO exit, which coincides with Adobe’s push to expand its generative AI offerings across Creative Cloud and Document Cloud. Maintaining momentum on product innovation will be crucial to justify the upgraded revenue range and to keep the stock’s valuation in line with peers.