Shares of Adobe (NASDAQ: ADBE) gained over 5% in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Adjusted earnings per share came in at $3.60, which beat analysts’ consensus estimate of $3.50 per share.
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Sales increased by 10.2% year-over-year, with revenue hitting $4.53 billion. This was roughly in line with analysts’ expectations of $4.528 billion.
Looking forward, management now expects revenue and adjusted earnings per share for Fiscal Year 2023 to be in the ranges of $19.1 billion to $19.3 billion and $15.15 to $15.45, respectively.
For reference, analysts were expecting $19.4 billion in revenue along with an adjusted EPS of $15.35.
Overall, Wall Street has a consensus price target of $366.14 on ADBE stock, implying 11.3% upside potential, as indicated by the graphic above.