Digital media and marketing software maker Adobe on Tuesday announced improvements to its Adobe Experience Cloud platform that will allow companies to better personalize content for customers on a large scale. Meanwhile, ADBE stock is trading near a two-year low.
The San Jose, Calif.-based company made the announcements at its Adobe Summit conference, which is being held online for the third straight year because of the Covid-19 pandemic.
The new personalization capabilities in Adobe Experience Cloud are powered by Adobe's artificial intelligence engine, Adobe Sensei. The new capabilities include sales opportunity predictions, product recommendations, and intelligent budget forecasting and allocation.
Also, the advancements cover business-to-consumer and business-to-business interactions.
"With Adobe Sensei, Adobe's AI engine, it's now possible to achieve things that were previously beyond imagination, like having millions of one-on-one interactions with customers at the same time, and in real-time," Adobe Fellow Anil Kamath said in a news release.
ADBE Stock Rises
On the stock market today, ADBE stock rose 2.5% to close at 421.66. In intraday trading on Monday, ADBE stock fell to 407.94, its lowest level since June 2020.
"Adobe Experience Cloud is the go-to personalization engine in the digital economy, empowering every business to engage deeply with their customers across all digital channels," Anil Chakravarthy, president of Adobe's digital experience business, said in a written statement.
The Adobe Experience Cloud is now used by 75% of Fortune 100 companies.
Adobe Promotes Metaverse Tools
Further, Adobe announced tools to help companies and brands to succeed in the emerging metaverse. The metaverse is an immersive, next-generation version of the internet that features 3D virtual worlds.
Adobe touted its software for designing, creating, and delivering engaging and realistic virtual experiences. It also previewed its upcoming Substance 3D Modeler as well as augmented reality shopping tools.
"Increasingly we're using the digital world to do things that we once only did in the physical world," Chief Executive Shantanu Narayen said in a keynote speech. "The ongoing conversation on the metaverse reflects the fact that the distinction between what people do in the physical and virtual world is blurring."
ADBE stock hit an all-time high of 699.54 on Nov. 22 ahead of its fiscal fourth-quarter report. Its earnings met expectations while sales beat views in the quarter ended Dec. 3. However, Adobe's guidance for fiscal 2022 missed estimates.
ADBE stock has an IBD Composite Rating of 49 out of 99, according to IBD Stock Checkup. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
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