2024-03-18 04:04:20 ET
Summary
- Adobe shares dropped by over 13% after their earnings announcement, but I remain optimistic about their AI growth potential.
- Adobe delivered strong Q1 growth with a 12% revenue increase, but their Q2 outlook disappointed with a decline in net new ARR.
- I believe that the threat from OpenAI's Sora to Adobe's Creative Cloud business is limited, and view AI-powered video tools as complementary to Adobe's offerings.
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Adobe: AI Is Not An Enemy, But An Ally - Buy The Weakness (Rating Upgrade)