Photoshop and Adobe Premiere maker Adobe (NASDAQ: ADBE) reported first-quarter results on Tuesday evening, sparking a sharp correction. The stock fell as much as 10.4% on Wednesday morning, recovering slightly to a 9.5% decline as of 1:35 p.m. ET.
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In the first quarter of fiscal year 2022, Adobe's top-line sales rose 9% year over year to $4.26 billion. Adjusted earnings landed at $3.37 per diluted share, 5% above the year-ago period's result. Your average analyst would have settled for earnings near $3.34 per share on revenue in the neighborhood of $4.24 billion, so Adobe exceeded the Street's Q1 expectations across the board.
Source Fool.com