Adobe raises annual revenue forecast to $21.40-$21.50bn due to increased AI tool adoption.

Adobe shares soared 14% after the company raised its annual revenue forecast due to increased adoption of its AI-powered editing tools by businesses and consumers. The software giant now expects revenue of between $21.40bn and $21.50bn for its fiscal 2024, up from its previous forecast of between $21.30bn and $21.50bn. The forecast reflects the success of Adobe's AI initiatives, which are significantly boosting client spending on its suite of software products.

June 13, 2024
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