TNB Tech Minute: Adobe Lifts Financial Targets, Focuses on ‘Freemium’ User Growth

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Julie Chang· Host0:14

[upbeat music] Here's your morning TMB Tech Minute for Friday, June 12th. I'm Julie Chang from the Wall Street Journal. Adobe lifted its full year financial targets, citing growing demand for its AI products. Second quarter profit reached one point seven one billion dollars, up from one point six nine billion dollars a year earlier. Revenue rose thirteen percent to six point six two billion dollars, beating analysts' expectations. Adobe plans to focus on its freemium AI offerings in an effort to grow its user base at the expense of short-term annualized recurring revenue growth. The software company is also pausing plans to raise prices on its Creative Cloud suite to focus instead on user acquisition. Plus, the company faces a leadership transition as its CFO departs on Monday and its CEO plans to step down once a successor is found. Adobe's stock has tumbled thirty-seven percent this year. SpaceX allocated around twenty percent of its seventy-five billion dollar offering to individual investors. That's according to people familiar with the matter. That figure is significantly higher than the typical five to seven percent range in an IPO allocated to so-called retail