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SAN JOSE, Calif. - Adobe (NASDAQ:ADBE), a prominent player in the software industry with impressive gross profit margins of 89%, has expanded its digital imaging suite with the launch of Photoshop on iPhone, available today, and an upcoming version for Android later this year. This move brings Photoshop’s renowned image editing tools, such as layering and masking, to mobile devices, aiming to cater to the creative needs of both new and existing users. According to InvestingPro analysis, Adobe maintains a strong financial health rating, positioning it well for continued innovation in the digital creative space.
The mobile app, included in current Photoshop plans, offers a streamlined interface designed for mobile creativity. It allows users to access and edit their work on the go, bridging the gap between desktop and mobile creative workflows. The app is expected to attract a new generation of image and design enthusiasts with its ease of use and free and premium offerings. With annual revenue reaching $21.5 billion and showing solid growth of 10.8%, Adobe continues to demonstrate strong market performance.
Adobe’s new mobile and web experiences are integrated, enabling creators to work on projects across different devices seamlessly. Notable updates to Photoshop on the web include a user-friendly interface and direct access to Adobe Stock’s asset library. The web version now also supports various browsers, including Safari, Chrome, Firefox, and Edge.
Ashley Still, Adobe’s senior vice president of digital media, emphasized the company’s commitment to making Photoshop’s powerful features accessible to everyone, from professional artists to those trying it for the first time. The app’s introduction represents a significant milestone in offering high-level image editing capabilities on mobile platforms for free.
Photoshop on iPhone allows users to create and edit images using core Photoshop tools and features, including advanced AI tools powered by Adobe Firefly for quick editing and design creation. The app also integrates with other Adobe creative apps, such as Adobe Express, Adobe Fresco, and Adobe Lightroom.
The new Photoshop Mobile and Web plan provides additional features for mobile and web users, including advanced selection tools, 20,000 fonts, and enhanced precision with tools like Object Select and Magic Wand. The plan is priced at $7.99/month or $69.99/annually, while existing Photoshop paid plans now include mobile access.
Adobe ensures that its AI innovations, including the Firefly-powered tools, adhere to ethical principles of accountability, responsibility, and transparency. To promote transparency around AI usage, content created with Firefly in Photoshop mobile and web will include Content Credentials.
Photoshop on iPhone is now available globally in the Apple (NASDAQ:AAPL) App Store, with the Android version set to release later this year. This information is based on a press release statement from Adobe.
In other recent news, Adobe has launched its Firefly Video Model, an AI tool designed to generate video clips, with pricing details now available. The service offers two subscription plans: the Firefly Standard at $9.99 per month and the Firefly Pro at $29.99 per month, providing 20 and 70 video generations monthly, respectively. This development comes as Adobe prepares for its upcoming Adobe Summit, where further insights into its AI strategy are anticipated. Analysts from Evercore ISI, RBC Capital Markets, and Piper Sandler have maintained their positive outlook on Adobe, reiterating Outperform ratings with price targets of $650, $590, and $600, respectively.
BMO Capital Markets adjusted its price target for Adobe to $515 while maintaining an Outperform rating, citing mixed survey results on Adobe’s competitive position. Despite the competition, there is optimism about Adobe’s potential in the generative AI space, with Piper Sandler highlighting the company’s historical success in adapting to major platform shifts. The introduction of the Firefly app and its pricing strategy reflects Adobe’s commitment to innovation and enhancing its product offerings. Investors are keenly watching Adobe’s moves in AI-powered content creation and the implications for its growth and market positioning.
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