Why Adobe Stock Crashed Today
Shares of Adobe (NASDAQ: ADBE) fell 10% on Thursday following the release of the tech giant's fiscal 2021 fourth-quarter earnings results.
Adobe's revenue jumped 20% year over year to $4.1 billion. The software company enjoyed broad-based growth. Revenue in its creative, digital media, digital experience, and document cloud divisions increased 19%, 21%, 23%, and 29%, respectively.
Adobe has emerged as a key beneficiary of the digital transformation megatrend during the COVID-19 pandemic. "Technology innovation, the proliferation of new devices and platforms, and the increased desire and ability for anyone to create and deliver great digital experiences have all accelerated the move to a truly digital world," Adobe Chief Marketing Officer Ann Lewnes said during a conference call with analysts.
Source Fool.com
