Adobe jumps on 2023 guidance, strong dollar to hurt revenue growth

Adobe shares rose as much as 4% late on Tuesday after the software maker issued guidance for the next fiscal year that fell short of expectations, but blamed some of the shortfall on a stronger dollar and unfavorable foreign exchange rates.

For the 2023 fiscal year, Adobe called for $15.15 to $15.45 in adjusted earnings per share on $19.1 billion to $19.3 billion in revenue, while reaffirming guidance for the 2022 fiscal year, according to a statement. The forecast excludes impact from its planned $20 billion acquisition of design software startup Figma, which is expected to close in 2023. Analysts polled by Refinitiv had expected adjusted earnings of $15.53 per share on $19.82 billion in…