Adobe(ADBE.US)Q4业绩、2026财年指引均超预期却难消市场AI颠覆焦虑

智通财经2025-12-11

智通财经APP获悉，Adobe(ADBE.US)发布了一份乐观的年度业绩指引，但投资者反应平淡。他们一直在寻找更清晰的迹象，以证明这家软件制造商能够在人工智能(AI)时代蓬勃发展。Adobe周三表示，预计截至2026年11月的2026财年营收将达到259亿至261亿美元。尽管这一预测区间中值超过了华尔街分析师的平均预期，但不及部分分析师预期的超过264亿美元。该公司还预计，2026财年调整后每股...

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subversion","themeId":"268b95816200fbf2019666e6068d76bf","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ADBE":1.96},"content_text":"智通财经APP获悉，Adobe(ADBE.US)发布了一份乐观的年度业绩指引，但投资者反应平淡。他们一直在寻找更清晰的迹象，以证明这家软件制造商能够在人工智能(AI)时代蓬勃发展。Adobe周三表示，预计截至2026年11月的2026财年营收将达到259亿至261亿美元。尽管这一预测区间中值超过了华尔街分析师的平均预期，但不及部分分析师预期的超过264亿美元。该公司还预计，2026财年调整后每股收益为23.30美元至23.50美元，该预测区间中值略高于华尔街分析师平均预期的23.37美元。与此同时，周三公布的财报显示，在截至11月28日的2025财年第四财季，Adobe营收同比增长10%，至创纪录的61.9亿美元，好于分析师平均预期的61.1亿美元。Non-GAAP净利润为22.9亿美元，较上年同期的21.3亿美元增长8%。调整后每股收益为5.50美元，好于分析师平均预期的5.39美元。包括Adobe旗舰创意和文档处理软件在内的数字媒体部门营收为46.2亿美元，同比增长11%;该部门的年度经常性收入(ARR)为192亿美元。数字体验部门营收为15.2亿美元，同比增长9%。Adobe2025财年的表现好于市场预期，首席执行官尚塔努·纳拉延(Shantanu Narayen)表示，这反映了Adobe在“全球AI生态系统中日益重要的地位，以及我们AI驱动工具的快速采用”。不过，Adobe并未更新其在三个月前披露的一些AI相关指标。今年9月，该公司曾表示，其受AI影响的年度经常性收入已超过50亿美元，而AI优先产品的销售额已超过2.5亿美元。投资者一直担心，生成式AI可能会对Adobe的业务构成冲击。Adobe面临的挑战是多维度的。一方面，Canva和Figma等较小公司正在夺取更多市场份额;另一方面，Meta等大型科技公司正在整合更多AI功能。更令人担忧的是，像Midjourney这样的AI原生工具正在挑战Adobe在创意软件领域的长期领导地位。尽管Photoshop等应用中的AI功能已被使用数百亿次，但许多其他热门工具——例如谷歌(GOOGL.US)的视频生成模型Veo——却由其他公司开发。由于投资者担心Adobe将在AI时代落后，该股今年以来的表现逊于其科技同行。杰富瑞分析师布伦特·希尔(Brent 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Adobe(ADBE.US)Q4业绩、2026财年指引均超预期 却难消市场AI颠覆焦虑

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Adobe(ADBE.US)Q4业绩、2026财年指引均超预期却难消市场AI颠覆焦虑