By Will Feuer

Adobe Inc.'s third-quarter profit declined and revenue came in lower than expected, as the software maker said it plans to buy collaborative design platform Figma for some $20 billion.

Adobe posted a profit of $1.14 billion, or $2.42 a share, for the three months ended Sept. 2, down from $1.21 billion, or $2.52 a share, a year earlier.

Stripping out stock-based compensation and other one-time items, adjusted earnings came to $3.40 a share. Analysts surveyed by FactSet were looking for adjusted earnings of $3.35 a share.

Revenue rose to $4.43 billion from $3.94 billion, on par with analysts' expectations of $4.44 billion.

Remaining performance obligations, a measure of future business that represents contracted revenue that hasn't been recognized, stood at $14.11 billion at the end of the quarter.

Operating expenses rose to $2.4 billion from $2.03 billion.

"Adobe achieved record revenue and strong profitability in the quarter, demonstrating that our products are mission-critical to individuals, small businesses and the world's largest enterprises," Chief Financial Officer Dan Durn said.

Adobe simultaneously confirmed that it plans to buy Figma, a privately held company that operates a web application for interface design, for about $20 billion in a mix of stock and cash. The Wall Street Journal had reported the news earlier Thursday.

Shares of Adobe fell nearly 8% to $342.47 in premarket trading.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

September 15, 2022 08:39 ET (12:39 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Adobe (NASDAQ:ADBE)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024 Click aqui para mais gráficos Adobe.
Adobe (NASDAQ:ADBE)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024 Click aqui para mais gráficos Adobe.