Adobe Stock Plummets on Disappointing Outlook and Weak Full-Year Forecast
Originally Published 2 years ago — by Investor's Business Daily
Adobe beat expectations for its fiscal fourth quarter earnings but disappointed with its sales outlook. The company reported adjusted earnings of $4.27 per share on sales of $5.05 billion, with year-over-year increases of 19% and 12% respectively. However, for the current quarter, Adobe predicted adjusted earnings of $4.38 per share on sales of $5.13 billion, falling short of Wall Street's expectations. The company also provided a weaker-than-expected forecast for its full fiscal 2024. As a result, ADBE stock fell 6.2% in after-hours trading. Additionally, the pending acquisition of Figma is facing regulatory hurdles, adding further uncertainty for Adobe.