ADBE - Will Adobe Be Worth More Than Apple by 2030?
2024-06-17 04:40:00 ET
Adobe 's (NASDAQ: ADBE) stock price soared nearly 15% on June 14 after the cloud software giant posted its latest earnings report. For the second quarter of fiscal 2024, which ended on May 31, its revenue increased 10% year over year to $5.31 billion and exceeded analysts' expectations by $20 million. Its adjusted earnings grew 15% to $4.48 per share and cleared the consensus forecast by $0.09.
That earnings beat allayed some bearish concerns regarding Adobe's macro, competitive, and regulatory challenges, but its stock remains down about 12% for the year. Its new artificial intelligence (AI) tools also failed to impress bulls or significantly boost its revenue, and it was left out in the cold as other AI-oriented stocks rallied.
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Will Adobe Be Worth More Than Apple by 2030?