That’s drawn them out of high-growth, high-multiple stocks and into sectors that are generally viewed as more resistant to inflationary pressures and rate hikes. However, inflation and concerns about interest rates have led investors to put 2021 behind them and focus more on the coming year. In the fourth quarter, Adobe said revenue climbed 20% to $4.11 billion, which beat estimates, led by 21% growth in the company’s digital media segment. The firm has a buy rating on the stock and said the outlook likely reflects a “muted spending environment observed across the sector.” “We believe the shares will be weak today as concerns about a slowing spending environment and conservative guidance proved to be correct,” wrote analysts from Atlantic Equities, in a note after Adobe’s fourth-quarter earnings report.
#ADOBE STOCK ITS SECONDWORST DAY PAST FULL#
For the full year, Adobe expects sales of $17.9 billion, which is below analysts’ average estimate for revenue of $18.16 billion. CNBC reports: The stock suffered its second-worst drop in the past decade, surpassed only by a 15 slide in mid-March. 2022, will be $4.23 billion, trailing analysts’ predictions for revenue of $4.34 billion, according to Refinitiv. Adobe Stock Plummets 10, Its Second-Worst Day In Past Decade Adobe shares plummeted 10 on Thursday after the software maker issued a revenue forecast for the fiscal first quarter that fell well shy of analysts estimates. Adobe’s three worst days of the year have come in December, pushing the stock down 16% for the month and putting it on pace for its steepest monthly decline since June 2010.Īdobe said revenue in its fiscal first quarter, which goes through Feb. The stock suffered its second-worst drop in the past decade, surpassed only by a 15% slide in mid-March of last year, when coronavirus panic rattled the markets. Adobe shares plummeted 10% on Thursday after the software maker issued a revenue forecast for the fiscal first quarter that fell well shy of analysts’ estimates. The stock tumbled by about 13 on Thursday, following the report that its combined ratio a measure of underwriting profitability came in worse than expected.
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