2024-03-28 06:30:00 ET
Adobe (NASDAQ: ADBE) investors were quick to press the panic button after the company released fiscal 2024 first-quarter results (for the quarter ending March 1, 2024) on March 14, as the company's guidance failed to match Wall Street's expectations.
Shares of the company were down 14% in a single session following the report, bringing an end to its rally, which has been fueled by optimism around its artificial intelligence (AI)-focused products. In all, Adobe stock has lost 15% of its value in 2024 as of this writing.
Let's take a closer look at Adobe's quarterly report and check if its recent pullback is an opportunity to buy a potential AI winner.
For further details see:
This Artificial Intelligence (AI) Stock Is Down 15% in 2024, But Should You Buy It?