Adobe shares slump as weak earnings forecast sparks fears of delayed AI gains

Quick Summary:

:Shares of Adobe fell nearly 10 per cent on Friday, after the Photoshop maker's disappointing quarterly earnings forecast sparked fears that returns from its push towards artificial intelligence design will take longer to materialize.

Excluding items, quarterly profit is expected to be between $4.63 and $4.68 per share, compared with estimates of $4.67 per share.

The company's shares have fallen nearly 2 per cent this year after rising over 77 per cent in 2023.

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Category: EconomyBusiness

Markets: SingaporeIreland

Topics: Revenue Cent Adobe Billion 2021 Company Software Growth Year Analysts October

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-13 @ 20:12:44 (21 hours ago)

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Article Length: 364 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Channel News Asia

News ID: 22494521

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Main Topics: EconomyBusiness

Official Website: channelnewsasia.com

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