Adobe Inc. reported better-than-expected results for its third quarter, achieving record revenue of $5.4 billion, representing an 11% year-over-year growth. The company delivered cash flows of over $2 billion and exited the quarter with record remaining performance obligations (RPO) of 15%. Despite the strong performance, the company's stock fell by 8% in after-hours trading due to underwhelming guidance for the fourth quarter. Adobe's revenue forecast for the current quarter missed Wall Street estimates, which has fueled investor impatience for the company's AI tools to begin generating significant sales. CEO Shantanu Narayen cited a stable but potentially slowing macroeconomic environment as part of the reason for the cautious outlook. The company continues to invest heavily in AI model training and inferencing capacity, but the anticipated returns from these investments have yet to materialize as expected.