Adobe revealed its $20bn plan to acquire interface design tool Figma last Thursday (15 September), along with its quarterly earnings report that showed record revenues of $4.4bn for the firm, however investors were unimpressed.
In response, the market rewarded Adobe with the worst single-day performance since 2010, with share prices falling 17%, according to Morningstar. Richard de Lisle, manager of the De Lisle America fund, said that Adobe's stock price had fallen "from $700 in November to $296 today", a fall of 58% compared to the NASDAQ's 27% and S&P 500's 19% drop. Josh Gilbert, market analyst at eToro, said: "Investors have shown no hesitation in voicing their displeasure at Adobe's $20bn deal for Figma and the underwhelming earnings forecast for the current quarter." Fidelity unveils metaverse ET...
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