SAN JOSE, Calif. - Adobe Inc. (NASDAQ:ADBE) has announced a new stock repurchase program authorized by its board of directors, allowing the company to buy back up to $25 billion of its common stock through March 14, 2028. This move is intended to deliver value to Adobe's shareholders, counteract the dilutive effects of stock issuances, and progressively reduce the overall share count.
The repurchase plan will be executed through open market purchases as well as structured repurchase agreements with third parties.
Adobe's executive vice president and CFO, Dan Durn, commented on the authorization, highlighting Adobe's strong financial position, "Our new $25 billion share repurchase authorization underscores what a special company Adobe is, with the profitability and cash flows to drive growth and invest in innovation while returning significant capital to our shareholders."
In addition to the repurchase plan, Adobe will conduct its first quarter fiscal year 2024 earnings conference call today at 2:00 p.m. Pacific Time. The webcast will be available from Adobe's investor relations website, where related earnings documents are already posted for reference.
Furthermore, the company plans to host an Investor Meeting on Tuesday, March 26, 2024, during the Adobe Summit in Las Vegas. The meeting will feature discussions by Adobe executives on the company's long-term market opportunities, strategies, and innovation roadmap, with a focus on artificial intelligence.
This event will also be live-streamed on the Adobe Investor Relations Website, with a recording and materials accessible post-event.
The press release also contains forward-looking statements regarding Adobe's stock repurchases and business prospects. These statements are subject to risks, uncertainties, and assumptions, and actual outcomes could differ materially from those projected. The press release warns of various risks that could impact Adobe's business and financial performance.
This announcement is based on a press release statement and provides a factual summary of Adobe's new stock repurchase plan and upcoming investor events without speculative or promotional content.
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