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Adobe's Massive Opportunities
Strong financial earnings results sent shares of Adobe (Nasdaq: ADBE) up 4.65% in after-hours trading on Thursday.
Financials: Adobe reported earnings of $3.60 per share, which was better than expected. Revenue hit $4.53 billion, which was in line.
Growing: Revenue for digital media grew 10% to $3.3 billion, which was slightly below estimates. Digital experience revenue grew 14%. Cash flow reached a record $2.33 billion in the quarter.
Outlook: Adobe expects revenue in the current quarter to be between $4.6 billion to $4.64 billion, which was in line.
Quote: “Strong demand for our offerings, industry-leading innovation and track record of top- and bottom-line growth set us up to capture the massive opportunities in 2023 and beyond.” - Adobe CFO Dan Durn.
Stock Price: Adobe’s stock is down 41% this year, including a nearly 3% drop in the last 30 days.
Final Thoughts: Adobe is at a crossroads. The company announced in the quarter that it was acquiring Figma for $20 billion, but then it also announced layoffs. Amid a bad environment for technology companies, Adobe is trying to turn things around.
Notable Earnings Today: Darden Restaurants (NYSE: DRI), Accenture (NYSE: ACN), Winnebago (NYSE: WGO).
Notable IPOs Today: NAVA HEALTH MD, LLC (Nasdaq: NAVA), ParaZero Technologies Ltd. (Nasdaq: PRZO), ClearBridge Sustainable Infrastructure ETF (Nasdaq: INFR), Zymeworks Inc. Common Stock (Nasdaq: ZYME).
Notable Equity Crowdfunding Campaigns Ending Today: This App Saves Lives (SeedInvest), Delee (Republic), BidaFi (Netcapital).
Notable Economic Events Today: Manufacturing PM (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), Services PMI (9:45 a.m. ET).
U.S. Steel Eyes Strong Results
Shares of United States Steel (NYSE: X) jumped 2.24% in after-hours trading on Thursday after the manufacturing company reaffirmed its fourth-quarter guidance of $375 million.
Quote: “We remain on track to deliver our second-best financial year with continued execution of our strategy and $150 million of direct returns to stockholders expected in the quarter,” - U. S. Steel President and CEO David B. Burritt.
Good News: The company also says that December commercial demand in the U.S. is better and scrap prices are up.
Stock Price: U.S. Steel shares are down about 1% this year.
Final Thoughts: Despite lower demand in Europe, the business for U.S. Steel seems to be on track for good times.
Equity Crowdfunding Spotlight: Mediloq
Briefly describe your business. Mediloq pioneered durable, child-safe containers for the B2C outdoor market. We are now developing a B2B sustainable child-safe packaging business, offering pharma, supplement and cannabis brands a sustainable alternative to plastic packaging.
What are the terms of the investment for your campaign? See StartEngine for more details.
What makes your startup special? 200 countries recently agreed to ban plastic packaging. We are one of the few companies positioned to meet the growing demand for sustainable alternatives in the child-safe niche, and we are already in discussions with several pharma partners.
Trends to Watch
Goodbye: Credit Suisse Loses Two More Private-Markets Executives (The Wall Street Journal)
Donut Worry About a Thing: Krispy Kreme Guides for Revenue Growth in FY23, Strategic Plan for FY26 (MarketWatch)
Full Stop: Microsoft bans cryptocurrency mining on cloud services (Cointelegraph)
Scary Times: Stock Market Traders Discover That Bad News Is Bad After All (Bloomberg)
Defiance: Amid crypto turmoil, Hong Kong debuts first crypto futures ETFs (Reuters)
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