Why Patient Investors Should Watch the Dip in Adobe
Sometimes a long-established company has its engine firing on all cylinders -- but its stock just sputters. Adobe (NASDAQ: ADBE) released yet another solid earnings report on Sept. 21, but investors apparently wanted more. The stock has since fallen by more than 10%, possibly creating an entry point for more patient investors looking more into the future.
Adobe reported record revenue of nearly $4 billion in its third quarter, marking 22% annual growth. Net income was up nearly 27% to more than $1.2 billion over the same quarter last year. The company also forecast continued strong results for the fourth quarter, and it's buying up its own stock. It repurchased 1.7 million shares in the third quarter as part of a plan to buy back up to $15 billion in stock through 2024 -- a plan that shows management's commitment to supporting the company's stock price.
Source Fool.com
