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Adobe announced earnings per share of $3.37 on revenue of $4.26 billion. Analysts polled by Investing.com anticipated EPS of $3.34 on revenue of $4.24 billion.
Adobe shares lost 3.54% in after-hours trade following the report.
Adobe’s subscription revenue came in at $3.96 billion. However, product revenue was $145 million, down 6.5% compared to the previous year.
Adobe said its Creative Cloud, Document Cloud and Experience Cloud segments were pivotal in it achieving a record revenue.
“Adobe’s Q1 results reflect the company’s strong execution and resilience through unprecedented circumstances,” said Dan Durn, executive vice president and CFO, Adobe. “Our momentum, product innovation and immense market opportunity position us for success in 2022 and beyond.”
Looking ahead, the company is targeting revenue of $4.34 billion in the second quarter, with adjusted earnings per share of $3.30.
