"Adobe's Stock Plummets 13% Due to Disappointing Quarterly Revenue Forecast"

Adobe shares dropped 13% after reporting first-quarter results that beat estimates but delivered a light quarterly revenue forecast, with adjusted earnings per share of $4.48 and revenue of $5.18 billion. The company also announced a $25 billion share buyback and recently launched an AI assistant for its Reader and Acrobat applications. Analysts lowered price targets but expressed optimism about Adobe's AI offerings, with Bank of America reiterating a buy rating, Barclays maintaining an overweight rating, and Morgan Stanley suggesting patience is warranted due to potential monetization paths for AI and new solutions in the second half of 2024.