Adobe Stock Sinks as Fiscal 2022 Forecast Falls Short of Estimates | ADBE Message Board Posts


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Msg  27 of 30  at  12/16/2021 5:44:54 PM  by

jerrykrause


Adobe Stock Sinks as Fiscal 2022 Forecast Falls Short of Estimates

 

Adobe Stock Sinks as Fiscal 2022 Forecast Falls Short of Estimates

 
 

Adobe stock tumbled Thursday after the company's fiscal 2022 outlook disappointed investors.

Adobe (ticker: ADBE) projected revenue of around $17.9 billion and adjusted profit of about $13.70 a share for fiscal 2022. Wall Street expects revenue of $18.2 billion and earnings of $14.26.

The company said it expects next year's first-quarter earnings per share to clock in at around $3.35 on revenue of $4.23 billion. Analysts surveyed by FactSet are expecting profits of $3.39 a share on sales of $4.33 billion.

Adobe said its guidance factored in the strengthening of the U.S. dollar against foreign currencies and an additional week that was added to the first quarter in 2021.

"Guidance was lower than expected from a top line perspective, due in part to an extra week in Q1/21 which contributed an incremental $267M in revenue," wrote RBC Capital Markets analyst Matthew Hedberg.

Shares of Adobe dropped 8.5% to $576.68 Thursday following the company's lackluster forecast.

Adobe also reported fourth-quarter earnings , posting an adjusted profit of $3.20 a share, meeting consensus estimates. Revenue was $4.11 billion, topping expectations for $4.08 billion.

The company achieved record annual revenue of $15.79 billion for 2021, representing 23% year-over-year growth. Yearly earnings per share came in at $12.48.

Adobe will be hosting an investors meeting at 8 a.m. Pacific time, where it expects to announce its addressable market could expand to about $205 billion by 2024.

The stock has risen 26% this year, generally in line with the S&P 500, which has increased 25.4%. The Dow Jones Industrial Average has grown 17.4%.

 


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