Adobe's 2Q Guidance Misses Wall Street Targets
March 22 2022 - 3:54PM
Dow Jones News
By Maria Armental
Adobe Inc. on Tuesday lowered a key subscription revenue metric
and estimated a $75 million annual revenue hit from the war in
Ukraine.
The company reduced its digital media annualized recurring
revenue balance by $75 million, which it said represented all ARR
for existing business in Russia and Belarus. And while it intends
to continue offering those services in Ukraine, it said it had
reduced ARR by an additional $12 million, which it said represents
the entire digital media business in Ukraine.
This quarter, it expects to generate a profit of $2.44 a share,
or $3.30 a share as adjusted, on $4.34 billion in revenue. That
forecast, which it said factors in the current conditions, fell
short of analysts' projection of $2.56 a share, or $3.35 a share as
adjusted, and $4.4 billion in revenue, according to FactSet.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
March 22, 2022 16:39 ET (20:39 GMT)
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