Adobe Approves Repurchase Of Up To $15 Billion In Common Stock Through 2024 - Quick Facts

(RTTNews) - Ahead of its virtual financial analyst meeting with investors and financial analysts on Thursday, software company Adobe, Inc. (ADBE) announced that its board of directors has approved a new stock repurchase authority, granting the company additional authority to repurchase up to $15 billion in common stock through its fiscal year 2024.

The previous program authorizing the repurchase of up to $8 billion in common stock through fiscal year 2021 is expected to be exhausted in the first half of 2021.

The new program is expected to be funded from Adobe's future cash flows from operations and is incorporated into the company's fiscal year 2021 financial targets.

Adobe also said its total addressable market has expanded to approximately $147 billion by 2023. This is based on its proven ability to create new categories and consistently innovate across our creativity, digital documents and customer experience management businesses.