Adobe reported third-quarter results, surpassing Wall Street’s sales and earnings expectations. However, the stock dropped 10% after-hours trading due to lower-than-expected fourth-quarter guidance. The company’s Digital Media segment, driven by Creative Cloud and Firefly AI, saw 11% growth, reaching $4 billion in sales. Subscription revenue grew 11% year-over-year to more than $5 billion.
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00:00It's Benzinga, and here's what's on the block.
00:02Adobe reported third-quarter results surpassing Wall Street's sales and earnings expectations.
00:07However, the stock dropped 10% in after-hours trading due to lower-than-expected fourth-quarter guidance.
00:13The company's digital media segment driven by Creative Cloud and Firefly AI saw 11% growth, reaching $4 billion in sales.
00:20Subscription revenue grew 11% year-over-year to more than $5 billion.
00:25For all things money, visit Benzinga.com.