What Downturn? Adobe Generates a Record-Setting Performance
Like many technology stocks, Adobe (NASDAQ: ADBE) has been punished over the past year. Economic headwinds saw businesses and consumers alike cut spending in the face of historically high inflation, rising interest rates, and geopolitical uncertainty. As a result, investors didn't hold out much hope that its results would be worth a second look. Like so many times in the past, however, the software-as-a-service (SaaS) pioneer delivered all investors were looking for -- and more.
For its fiscal 2023 first quarter (which ended March 3), Adobe generated record revenue of $4.66 billion, up 9% year over year, or 13% in constant currency -- which strips out the impact of volatile foreign exchange rates. This also marked the seventh consecutive quarter of year-over-year revenue increases in the face of macroeconomic headwinds. This helped produce non-GAAP (adjusted) earnings per share (EPS) of $3.80, up 13%.
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Source Fool.com
