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Will Adobe's stock price recover to pre-Q3 earnings level by end of Q4 2024?
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Adobe Beats Q3 Estimates but Shares Fall 8% After-Hours on Weak Q4 Guidance
Sep 12, 2024, 08:13 PM
Adobe Inc. reported its Q3 fiscal year 2024 earnings, surpassing Wall Street estimates. The company achieved an adjusted EPS of $4.65, exceeding the consensus estimate of $4.53. Revenue for the quarter was $5.41 billion, also above the expected $5.37 billion, representing an 11% year-over-year growth. GAAP EPS was $3.76. Adobe also reported net new ARR of $504 million and an operating income of $1.99 billion. Despite the positive results, Adobe's stock dropped 8% in after-hours trading due to underwhelming guidance for Q4. The company forecasts Q4 adjusted EPS between $4.63 and $4.68, below the consensus estimate of $4.68, and revenue between $5.50 billion and $5.55 billion, missing the expected $5.6 billion. Adobe's CEO highlighted strength across Creative Cloud, Document Cloud, and Experience Cloud, contributing to the record revenue.
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