Adobe Stock Drops 11% Despite Earnings Beat, as Revenue Guidance Is Lower Than Wall Street Expected
Shares of (NASDAQ: ADBE) declined 11% in Thursday's after-hours trading following the software-as-a-service (SaaS) company's release of its report for the first quarter of fiscal 2024 (ended March 1).
The stock's drop is largely attributable to revenue guidance for the second quarter coming in lighter than Wall Street had expected.
On the positive side, the first quarter's top and bottom lines both beat the analyst consensus estimate. And in the neutral column, the second quarter's adjusted earnings guidance was essentially in line with the Street's projection.
Source Fool.com
Adobe Inc. Stock
€454.15
-0.680%
With 45 Buy predictions and 2 Sell predictions Adobe Inc. is one of the favorites of our community.
As a result the target price of 590 € shows a positive potential of 29.91% compared to the current price of 454.15 € for Adobe Inc..
