(NASDAQ: ADBE) stock has been on fire in 2023 with an impressive year-to-date gain of 59% as of this writing. This has been fueled primarily by the company's moves to capitalize on the growing adoption of artificial intelligence (AI) in the areas of content creation, digital media, and advertising. But the company's latest quarterly results seem to have shaken some of the confidence in its bull run.
Shares of Adobe fell more than 4% the day after the company released its fiscal 2023 third-quarter results (for the three months ended Sept. 1) on Sept. 14, which may seem a tad surprising. After all, Adobe not only beat the Wall Street consensus on revenue and earnings, but its guidance was also solid. Let's try to understand why Adobe fell after its quarterly report and check if any potential pullback in the stock price can be treated as a buying opportunity from a long-term perspective.
Adobe's fiscal Q3 revenue increased 10% year over year to $4.9 billion. The company's non-GAAP earnings grew at an even faster pace of 20% to $4.09 per share.
Source Fool.com