Shares of (NASDAQ: ADBE) notched a 0.9% gain on Friday following the software-as-a-service (SaaS) company's release on the prior afternoon of its second-quarter results for fiscal 2023 (ended June 2).

Adobe's report was better than the stock's gain suggests. Indeed, shares opened 5.5% higher on Friday but steadily returned the bulk of their initial gain throughout the trading day. This dynamic was likely in part due to market conditions, as all major indexes closed down on Friday.

There was a lot to like about the report: The quarter's revenue and adjusted earnings exceeded Wall Street's consensus estimates, and management raised its annual guidance for the top and bottom lines. Moreover, the earnings outlook for fiscal Q3 came in higher than analysts had been projecting.

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Source Fool.com