Adobe stumbles on weak outlook, FTC inquiry
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 14 December 2023
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Thursday, December 14th. I'm Julie Morgan. The FTC is looking into Adobe. |
| 0:15.0 | American Girl wants to be just like Barbie and Carrier makes a deal with higher. |
| 0:20.9 | Adobe is down 6.1% in pre-market trading. The company issued a weaker |
| 0:27.1 | than expected outlook for the coming year and said it was being probed by the |
| 0:30.9 | U.S. government about subscription practices. |
| 0:33.9 | Looking to fiscal 2024, Adobe expects overall fiscal 2024 sales to be between 21.3 and |
| 0:41.7 | 21.5 billion dollars, with the midpoint below the 21.74 billion estimate. |
| 0:48.6 | Earnings per share are forecasts to be between $17.60 and $18 per share. |
| 0:55.0 | For the period ending December 1st, Adobe earned an adjusted $4.27 per share |
| 1:02.0 | as revenue rose 12% year over year to 5.05 billion dollars. |
| 1:07.0 | Analysts were expecting the company to earn $4.14 cents per share on 5.02 billion in sales. |
| 1:15.7 | In addition, Adobe said it received a communication from the Federal Trade Commission in |
| 1:20.2 | November about its subscriptions. |
| 1:22.4 | Currently, the San Jose California-based company |
| 1:25.2 | is working with the government agency |
| 1:27.2 | about a possible settlement or resolution on the matter, |
| 1:30.4 | which it said could involve significant monetary costs. |
| 1:34.0 | Adobe held a conference call Wednesday evening to discuss the results. |
| 1:39.0 | I've included a link to the transcript of that conference call and the transcript of this |
| 1:43.8 | podcast. You can find a link to the transcript of the |
| 1:46.8 | podcast in show notes. Mattel announced that it plans to develop a live action feature film based on the toy company's iconic American Girl doll line. American Girl will be distributed by Paramount Pictures and produced by Mattel Films, Paramount Pictures, and Temple Hill |
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