Adobe announces latest results and Figma acquisition

Adobe Inc. (ADBE) announced its financial results for the third quarter of the fiscal year 2022 before the opening bell in the US on Thursday.

The American software company reported revenue of $4.433 billion, falling slightly short of Wall Street forecast of $4.438 billion.

Earnings per share reported at $3.40 per share for the quarter, above analyst estimate of $3.345 per share.

”Fueled by our ground-breaking technology, track record of creating and leading categories and consistent execution, Adobe delivered another record quarter,” Shantanu Narayen, chairman and CEO of Adobe said in a press release.

”Adobe achieved record revenue and strong profitability in the quarter, demonstrating that our products are mission-critical to individuals, small businesses and the world’s largest enterprises,” said Dan Durn, executive vice president and CFO of the company.

”Our operational rigor combined with our strong engine of innovation are driving growth across our platforms and will fuel future growth as the digital economy continues to expand,” Durn added.

The company repurchased approximately 5.1 million shares during the quarter.

Adobe also announced that it has entered into final stages to acquire Figma, a web-first collaborative design platform for around $20 billion in cash and stock.

”Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions,”

”The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity,” Shantanu Narayen commented on the acquisition of Figma.

Adobe Inc. (ADBE) chart

Shares of Adobe were down by around 15% on Thursday, trading at $313.35 a share.

Here is how the stock has performed in the past year:

• 1 month -29.45%
• 3 months -15.16%
• Year-to-date -45.38%
• 1 year -53.43%

Adobe price targets

• UBS $415
• Stifel $500
• Baird $450
• Deutsche Bank $500
• Wells Fargo $425
• Mizuho $480
• Citigroup $388
• Barclays: $440

Adobe is the 70^th largest company in the world with a market cap of $144.34 billion.

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Sources: Adobe Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap