Adobe Faces Canva Competition, Expands Firefly AI Tools to Mobile Devices

Adobe Inc. (NASDAQ:ADBE) ranks among the best FAANG stocks to buy according to hedge funds. Citizens JMP analyst firm reaffirmed its Market Perform rating on Adobe Inc. (NASDAQ:ADBE) on June 23 as the software behemoth deals with renewed competition in the market. The rating followed the announcement by privately held rival Canva that it will acquire MagicBrief, an AI-powered ad platform that assists marketers in comprehending and reacting to high-performing content forms and strategies.

MagicBrief attracted Canva’s attention after completing a $1.3 million pre-seed fundraising round in July 2023, which was headed by Blackbird Ventures. Although the acquisition price has not been formally disclosed, Citizens JMP’s report indicates that Canva spent about $10 million for MagicBrief.

On the other hand, Adobe Inc. (NASDAQ:ADBE) has also advanced in terms of both its financial outlook and product offerings. Notably, the company extended its AI-assisted content creation platform to mobile devices with the release of Firefly for iOS and Android. Features like text-to-image and text-to-video are included in this new software, which also integrates many third-party AI models. The company further reported that Firefly has seen a 30% rise in traffic quarter-over-quarter.

Adobe Inc. (NASDAQ:ADBE) is a world leader in software creation, known for its cutting-edge digital media solutions. Its major products, including Photoshop and Acrobat are essential tools for creative sectors and organizations across the globe.

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Disclosure: None.

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Original Source At Yahoo Finance