(Adobe) Shares of Adobe fell more than 9% on Wednesday despite announcing a record $4.26 billion revenue in the first quarter of 2022.
The record revenue represented a 9% year-over-year increase or 17% adjusted year-over-year gain.
The company’s annualized recurring revenue, or ARR, was posted at $12.57 billion, an increase of $418 million quarter-over-quarter.
Adobe said that the war in Ukraine, which prompted a halt of its products and services in Russia and Belarus, would result in an ARR reduction of $87 million. The company expects a revenue impact of $75 million in FY22.
The company’s Digital Media segment had revenue of $3.11 billion, an increase of 9% from the prior year.
Adobe reported a GAAP operating income of $1.58 billion in the first quarter of 2022, while GAAP net income was posted at $1.27 billion.
The company announced that it repurchased about 3.8 million shares in the quarter.
Adobe now anticipates a revenue of $4.34 billion in the second quarter of 2022 and a GAAP EPS of $2.44 per share.
ADBE: NASDAQ is down -9.66%
