Here's in one of the world's largest tech companies are absolutely plummeting today following the firm's first quarter of 2024 earnings report.

Is this a temporary bump in the road or is it a much more

drastic sign of what's to come for the future? Welcome to the Daily Peel's three-minute peel,

where we dive into an individual stock event or whatever the fuck we feel like and break it down

for you guys in less than three minutes. My name is David. Let's go ahead and get into it. For those that

weren't watching markets yesterday, you might

not know, but we are talking, of course, about Adobe. Adobe, one of the largest players in,

you know, enterprise software, I guess I would call it. They provide a lot of the tools related to,

you know, digital design creation. Basically, think Photoshop, think Illustrator, Creative Cloud,

anything that a graphic designer or other kind of creative individuals would be using,

they are probably using Adobe.

Now, the company absolutely dumped following the earnings report,

but it really wasn't that bad from a headline perspective.

If we go ahead and look at the results, we saw that they did beat across the board,

reporting $4.48 per share on $5.18 billion in sales.

That beat out the $4.38 per share on $5.14 billion until it was expected.

So shout out to Adobe because they did beat across the board, but everything else was absolutely terrible from there.

So we go ahead and take a look at guidance, first and foremost.

We saw the company is projecting a decline in earnings per share going into Q2, somewhere in the range of 1.7 to 2.9% in terms of that decline, whereas sales are only expected to grow between 1.3 and 2.3%. That's not even going to keep up with the rate of inflation most likely going forward. Obviously, analysts weren't too happy, but they weren't too disappointed either.

So we saw Bank of America analysts and Barclay analysts both cut their price targets.

Bank of America did it by a little bit less than 10%. Barclays was right on the nose at that 10% level,

and both maintained and reiterated their overweight or buy ratings.

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