Adobe Slips 6.8% After 44% Q2 Margin Miss and CFO Exit
Updated
Updated · CNBC · Jun 12
Adobe Slips 6.8% After 44% Q2 Margin Miss and CFO Exit
3 articles · Updated · CNBC · Jun 12
Summary
Adobe fell 6.8% in premarket trading after its fiscal second-quarter non-GAAP operating margin came in at 44%, missing the 44.5% LSEG estimate.
Dan Durn will leave as CFO on June 15 to pursue a new opportunity, adding to investor concern even though Adobe beat Wall Street on both revenue and earnings.
Q2 results topped expectations with $6.62 billion in revenue and $5.96 in EPS, and Adobe had already raised full-year guidance in the earnings release.
The stock reaction suggests margin pressure and leadership turnover outweighed the earnings beat, extending the after-hours decline reported after Thursday's results.