Adobe Shares rose 5% in extended trading Wednesday after software maker announced fiscal first-quarter results that beat Wall Street estimates and lifted its full-year forecast.

Here’s how the company did it:

• merits: $3.80 per share, adjusted, versus $3.68 per share as analysts expected, according to Refinitiv.
• Gain: $4.66 billion, versus $4.62 billion as analysts expected, according to Refinitiv.

Revenue was up 9% year over year in the quarter ended March 3, according to a statement. Net profit fell slightly to $1.25 billion.

The company’s Digital Media segment, which includes the Creative Cloud design software bundle, generated $3.4 billion in revenue, up 9% year-over-year and surpassing the $3.36 billion consensus among analysts polled by StreetAccount.

Adobe’s Digital Experience segment, with Marketo marketing software, contributed $1.18 billion in revenue, just above StreetAccount’s consensus of $1.17 billion.

For the second quarter, Adobe expects earnings per share of $3.75 to $3.80 on an adjusted basis and $4.75 billion to $4.78 billion in revenue. Analysts polled by Refinitiv had expected $3.76 per share in adjusted earnings and $4.76 billion in revenue.

Adobe raised its earnings forecast for fiscal 2023 and now sees $15.30 to $15.60 in adjusted earnings per share, with $1.7 billion in new annualized net digital media revenue. In December, Adobe said it was seeking $15.15 to $15.45 in full-year adjusted earnings per share, with $1.65 billion in net new Digital Media ARR. Analysts polled by Refinitiv were looking for $15.31 in adjusted earnings per share.

A recent acquisition is paying off at Adobe. The company will charge existing video customers for Frame.io, a video review and approval tool it acquired for $1.24 billion in 2021, Dan Durn, chief financial officer of Adobe, said on a conference call with analysts.

And in the quarter, Adobe beat “single-product competitors” in categories such as analytics and content management for some deals, said Anil Chakravarthy, president of the Digital Experience unit.

During the quarter, Microsoft said it was integrating Adobe’s Acrobat PDF engine into Edge, the default browser in Windows 10 and 11, and Adobe said it has been in touch with regulators in the US, UK and EU about its upcoming design software acquisition $20 billion startup Figma. “We have completed the discovery phase of the second request from the US Department of Justice and are prepared for the next steps, whether that be an approval or a challenge,” Adobe CEO Shantanu Narayen said on the conference call.

Excluding the after-hours move, Adobe shares are down 1% year-to-date, while the S&P 500 index is up 1%.

This is the latest news. Check back later for updates.

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