ADBE - Why Adobe Rallied 25% in June
2024-07-03 08:07:00 ET
Shares of PDF, video, design, and marketing software giant Adobe (NASDAQ: ADBE) rallied 24.9% in June, according to data from S&P Global Market Intelligence .
Adobe had been rather beaten down this year coming into June, as it was down 25% for 2024 on May 31. That, on the back of better-than-expected earnings, set up a positive month for the company. Here are the market's concerns around Adobe and how the company overcame them in June.
For the fiscal second quarter, Adobe reported 10% revenue growth to $5.31 billion, while adjusted ( non-GAAP ) earnings per share of $4.48 was up 14.6%. Both top and bottom lines came in ahead of expectations. Moreover, management guided for earnings between $4.50 and $4.55 next quarter, also ahead of analyst expectations of $4.48.
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Why Adobe Rallied 25% in June