Shares of Oracle rise after the software giant's first-quarter results help ease some concerns about its reliance on OpenAI.
Adobe beat Wall Street estimates for third-quarter revenue on Thursday as demand for its AI-integrated products continued to grow, but a softer-than-expected fourth-quarter outlook raised fresh questions about the software maker's competitive position. Shares of the San Jose, California-based company fell 2.5% during premarket trading on Friday.
Large caps tend to outperform small caps as year's end approaches.
Adobe touted artificial-intelligence momentum in the most recent quarter, but that wasn't enough to excite investors.
The software company now projects adjusted earnings between $24.45 and $24.50 a share as its profit and revenue rose in the third quarter.
Adobe Inc (NASDAQ:ADBE) reported record third-quarter results that beat Wall Street estimates and raised its full-year revenue and profit guidance, as the software company's push into artificial intelligence tools continues to gain traction. The company posted third-quarter revenue of $6.8 billion, up 13% from a year earlier and ahead of analyst estimates of $6.69 billion.
Adobe beat Wall Street estimates for third-quarter revenue on Thursday, as demand for its AI-integrated products and tools continued to grow.