The company expects the slowdown to continue and projects only 10% revenue growth in the fiscal fourth quarter compared to analyst expectations of 12% because of macro headwinds and the stronger U.S. The slowdown in revenue growth was primarily because of slower enterprise spending and currency headwinds. The Digital Media segment, which includes the Creative and Document Clouds, accounted for 73% of Adobe's revenue, while the Digital Experience segment, which includes enterprise-oriented marketing, analytics and digital workflow services, accounted for 25% of revenue. This was, however, the slowest growth the company reported since 2015. The company reported record revenue of $4.43 billion, up 13% year-over-year. 15, Adobe announced financial results for its fiscal third quarter of 2022, beating bottom-line estimates but missing Wall Street predictions for revenue. Its goal with the acquisition is to control the entire digital creative process, but investors don't seem to be buying it.
The downward trend has a lot to do with the weakening economy and missing revenue projections in the fiscal third quarter, but it is also being driven in part by Adobe's intention to acquire Figma, a UI/UX design platform. ADBE, Financial) stock has declined 48% this year, reaching lows not seen in nearly three years.
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