Adobe Inc (NASDAQ:ADBE) shares are trading lower Thursday after the company reported first-quarter results and issued soft guidance. Multiple analysts also cut price targets following the print.
Q1 Revenue: $5.71 billion, versus estimates of $5.66 billion
Q1 EPS: $5.08, versus estimates of $4.97
Total revenue was up 10% year-over-year as digital media revenue grew 11% year-over-year and digital experience revenue jumped 10% year-over-year. Remaining performance obligations totaled $19.69 billion at quarter’s end.
“Adobe’s success over the next decade will be driven by customer-focused innovation and new offerings for creators, …