released its quarterly earnings early in conjunction with the announcement that it reached an agreement to acquire software design platform Figma in a deal valued at about $20 billion.
Figma was founded in 2012 and is a desktop application that allows users to design online interfaces for both phones and the web. The deal is valued at around $20 billion in cash and stock,
“The combined company will have a massive, fast-growing market opportunity and capabilities to drive significant value for customers, shareholders and the industry,” Adobe said in the press release.
Adobe also released its fiscal third-quarter earnings Thursday — they were scheduled to be released after the markets closed.
The software company reported adjusted earnings for its fiscal third quarter of $3.50 a share on revenue of $4.43 billion. Analysts surveyed by FactSet were expecting earnings of $3.35 a share on revenue of $4.44 billion.
Adobe also provided guidance for its fiscal fourth quarter. The company expects adjusted earnings of $3.50 a share on revenue of $4.52 billion. Wall Street expected fourth-quarter earnings of $3.47 a share on revenue of $4.6 billion.
“Our operational rigor combined with our strong engine of innovation are driving growth across our platforms and will fuel future growth as the digital economy continues to expand,” Chief Financial Officer Dan Durn said in the company’s earnings release.
Shares of Adobe fell 11.1% in premarket trading Thursday to $330.44. Coming into Thursday trading, the stock has fallen 34% this year.
Write to Angela Palumbo at [email protected]