Adobe reported third-quarter revenue of US$6.76 billion on September 10, beating analysts’ estimate of US$6.70 billion.

Adjusted earnings per share came in at US$6.13, above the estimate of US$6.09, as demand for its AI-integrated products and tools grew.

Adobe said AI-first annual recurring revenue rose more than 150% year on year in the quarter.

The results came days after Adobe named Anil Chakravarthy its next chief executive on September 3.

Current CEO Shantanu Narayen is set to become executive chair on December 1.

The leadership transition follows the June departure of CFO Dan Durn, who was replaced on an interim basis by Steve Day.

David Wadhwani, president of Adobe’s Creativity & Productivity business, is also due to step down on September 27.

🔗 Source: Reuters

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