Hey Global Investor, here's what you need to know before the US markets open.
Market Snapshot 📈
S&P 500 (Tuesday Close) 3,401.20 +17.66 (0.52%)
NASDAQ (Tuesday Close) 11,190.32 +133.67 (1.21%)
FTSE 100 (5 PM IST) 6091.85 -13.69(0.22%)
NIFTY 50 (Today's Close) 11,604.55 +82.75 (0.72%)
USDINR (5 PM IST) 73.53 (1 Year +2.84%)
👊 Adobe Smashes Wall Street Expectations
Adobe reported solid fiscal Q3 and comfortably beat Wall Street’s expectations along the way.
What Happened? Adobe delivered the best Q3 in its history, having benefitted from the work-from-home trend during the pandemic. CEO Shantanu Narayen expects this momentum to continue throughout the year and beyond.
While slightly lowering the guidance for sales in the current quarter, the company was in line with Wall Street’s expectations on earnings.
Key Numbers from the Earnings:
Revenue: $3.23B vs. $3.16B Wall Street’s expectations.
Adjusted Profit: $2.57 per share vs. analysts’ consensus expectation of $2.41 per share
Y-o-Y, Adobe’s sales rose 14% while earnings climbed 25%. Within its Digital Media segment, Creative Cloud grew 19% and Document Cloud increased 22%. The Digital Experience segment on the other hand saw a revenue increase of just 2% in the same time frame.
Future Outlook:
For fiscal Q4, Adobe expects revenue of $3.35B and adjusted earnings of $2.64 per share, compared to consensus estimates of $3.36B and adjusted profits of $2.64 per share.
Market Reaction: Adobe gained 2.42% to close at $497.67. The stock has rallied 54% YTD
Adobe Snapshot 📈
ADBE $497.67 +11.76 (+2.42%)
Analyst Rating (27 Ratings) BUY 67% HOLD 30% SELL 4%
Newsworthy 📰
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Hype Up: Snowflake prices IPO above increased range, implying initial market cap of $33.3 billion
Bundle of Joy: Apple rolls out virtual fitness service, subscription bundle, catering to pandemic work-from-home (AAPL +0.16%)
Later Today 🕒
6.00 PM IST: Retail sales
6.00 PM IST: Retail sales excluding autos
11.30 PM IST: Federal Reserve meeting announcement
12.00 AM IST (September 17): Federal Reserve Chair Jerome Powell press conference
Fun Fact of The Day 🌞
A $1 bill costs 5 cents to make.
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