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How to Play Adobe Stock Ahead of Its Q2 Earnings?

Adobe (NASDAQ: ADBE) is scheduled to report its second-quarter fiscal 2024 results on Jun 13. For the second quarter of fiscal 2024, Adobe projects total revenues between $5.25 billion and $5.30 billion. The Zacks Consensus Estimate for revenues is pegged at $5.28 billion, suggesting growth of 9.7% from the year-ago quarter's reported figure. The company expects non-GAAP earnings between $4.35 and $4.40 per share. The consensus mark for earnings is pegged at $4.39 per share, indicating a 12.3% rise from the year-ago period's actual. The earnings estimate has been unchanged over the past 30 days. The upcoming results are expected to reflect the benefits of growing generative AI capabilities on the back of its family of creative generative AI models, Firefly, which has been driving growth within the Digital Media and Digital Experience segments. The Digital Media segment, comprising Creative Cloud and Document Cloud, is expected to have gained from the strong adoption of Firefly tools in Photoshop, Generative Fill and Generative Expand. The solid adoption of PDFs, coupled with strength in, Adobe Stock, Acrobat ecosystem and Adobe Express Web, is anticipated to have been other positives. Adobe expects Digital Media revenues between $3.87 billion and $3.90 billion. The Zacks Consensus Estimate for the same is pegged at $3.89 billion, indicating year-over-year growth of 10.7%. The Digital Experience segment, comprising Adobe Experience Cloud, is likely to have benefited from the solid ...