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December 17, 2021 10:40 pm

Adobe Stock Plummets 10%, Its Second-Worst Day In Past Decade

Adobe shares plummeted 10% on Thursday after the software maker issued a revenue forecast for the fiscal first quarter that fell well shy of analysts' estimates. CNBC reports: The stock suffered its second-worst drop in the past decade, surpassed only by a 15% slide in mid-March of last year, when coronavirus panic rattled the markets. Adobe's three worst days of the year have come in December, pushing the stock down 16% for the month and putting it on pace for its steepest monthly decline since June 2010. Adobe said revenue in its fiscal first quarter, which goes through Feb. 2022, will be $4.23 billion, trailing analysts' predictions for revenue of $4.34 billion, according to Refinitiv. For the full year, Adobe expects sales of $17.9 billion, which is below analysts' average estimate for revenue of $18.16 billion. In the fourth quarter, Adobe said revenue climbed 20% to $4.11 billion, which beat estimates, led by 21% growth in the company's digital media segment. However, inflation and concerns about interest rates have led investors to put 2021 behind them and focus more on the coming year. That's drawn them out of high-growth, high-multiple stocks and into sectors that are generally viewed as more resistant to inflationary pressures and rate hikes. [...] Adobe fell $64.24 to $566.09 at the close. The stock is down 19% from its 52-week high last month.

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