Is Adobe Stock a Buy Now?
Adobe's (NASDAQ: ADBE) stock rose 5% during after-hours trading after it posted its latest earnings report. For the first quarter of fiscal 2023, which ended on March 3, the cloud-based software company's revenue grew 9% year over year (13% in constant currency terms) to $4.66 billion and beat analysts' estimates by $40 million. Its adjusted EPS increased 13% to $3.80 and also cleared the consensus forecast by $0.12.
For the second quarter, Adobe expects its revenue to rise 8%-9% year over year on a reported basis as its adjusted EPS increases 12%-13%. Those headline numbers looked stable, but Adobe's stock remains nearly 50% below its all-time high. Should investors pick up some shares of this cloud software giant today?
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Source Fool.com
