ADBE SMAR First takes

Couple more sw misses this evening….

ADBE 8% doesn’t look good missing key KPIs: weaker Q1 NNARR $432M (vs bogeys of $445-$460M) and weaker Q2 NNARR guide ($440M vs bogey of $475M).

Q1 Results looked inline/slightly better on revs/eps

Announced $25B buyback (10% of mkt cap)

Q2 Guide:

Q2 digital media net new arr about $440M
Q2 digital media rev. $3.87B to $3.90B, est. $3.91B
Q2 rev. $5.25B to $5.30B, est. $5.31B
Q2 digital experience rev. $1.31B to $1.33B

ADBE - RESULTS: Q1
ADJ EPS $4.48 vs. $3.80 y/y, EST $4.38
Revenue $5.18B, +11% y/y, EST $5.14B
Subscription revenue $4.92B, +12% y/y, EST $4.87B
Product revenue $119M, -0.8% y/y, EST $114.5M
R&D expenses $939M, +14% y/y, EST $893.5M
ADJ operating income $2.47B, +16% y/y, EST $2.4B
Services and other revenue $147M, -9.3% y/y, EST $157.7M