Adobe’s quarterly results exceed market expectations
At the close of yesterday's session, we learned the quarterly results for Adobe's Q2, which were better than expected by the market consensus, compared to the other large companies in the sector.
Specifically, as we can see in these results, Adobe has an earnings per share of $3.03 and revenue of $3.84 billion compared to an earnings per share and revenue of $2.81 million and $3.73 billion expected by the market consensus.
After these positive results, Adobe shares are trading positive in today’s pre-opening with a rise of close to 3% after closing yesterday’s session at $551.36 per share and after scoring 1.48%.
Technically speaking, after marking all-time highs on June 14, the price is currently at the 23.6% fibonacci retracement level that acts as the main support level. As we can see on the daily chart, the price is at overbought levels, trading away from its blank 18-session moving average, although to reach that level the price would have to break several support levels.
The positive results may give a new upward momentum to the price, although due to the current overbought levels, we cannot rule out that the price may continue with the correction to subsequently make a new momentum, so we will have to be very attentive during the next sessions.
Source: Admiral Markets MetaTrader 5. Adobe daily chart. Data range: February 14, 2020 to June 18, 2021. Prepared on June 18, 2021 at 12:00 pm CEST. Please note that past returns do not guarantee future returns.
Evolution in the last 5 years:
- 2020: 51,64%
- 2019: 45,78%
- 2018: 29,10%
- 2017: 70,22%
- 2016: 9,59%
Adobe is an important American company based in San Jose that is dedicated to the creation of programs and software standing out mainly in the world of editing and design of web pages and images through programs such as Photoshop, Adobe Flash Player or with programs as essential as Adobe Reader for documents in PDF format, thus making this company a benchmark in the world of software.
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