Adobe CEO Shantanu Narayen speaks during an interview with CNBC on the floor of the New York Stock Exchange on Feb. 20, 2024. During the quarter, Adobe abandoned its $20 billion acquisition of design software startup Figma after U.K. regulators found competitive concerns. Adobe will work with OpenAI around Sora, David Wadhwani, president of Adobe's digital media business, said on the earnings call. Adobe sees fiscal second-quarter earnings of $4.35 to $4.40 per share on an adjusted basis, with $5.25 billion to $5.30 billion in revenue. Leaving out the after-hours movement, Adobe shares have fallen 4% so far this year, while the S&P 500 index has gained 8% over the same time period.

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Persons: Shantanu Narayen, OpenAI, Sora, David Wadhwani, LSEG, Wadhwani Organizations: CNBC, New York Stock Exchange, Adobe, LSEG, Firefly Services Locations: Sora