Topic

ADBE

A collection of 10 issues

Editing Adobe

At first glance, everything seems to be chugging along just fine at Adobe. Their earnings yesterday continued to show that revenue is still growing at double digit rate with operating margins remaining quite stable. In fact, Adobe mentioned their ARR from “AI first” offering tripled YoY with monthly active users

How Elephants May Die

Hendrik Bessembinder's research indicates that ~4% of companies account for virtually all the excess return over the one-month Treasury bill rate in the US stock market since 1926. You have probably already come across this study before, but one of my inferences from this study was we may

Adobe and Figma's Divergent Path

The last time I covered Adobe’s earnings was back in 2Q’23. In that update, I explained why I decided to sell the stock. In retrospect, that was perhaps one of my well-timed exits so far. But has the market been punishing Adobe too much? I wouldn’t focus

MBI Daily Dose (July 11, 2025)

Companies or topics mentioned in today's Daily Dose: Correction to yesterday's daily dose, Adobe's headwinds, Floor & Decor *Correction: Yesterday I mentioned "CMA reported Google’s real revenue (so not nominal) increased by 130-140% during 2015 to 2024 period, which at mid-point implies

MBI Daily Dose (July 02, 2025)

Companies mentioned in today's Daily Dose: Amazon, Cloudflare, Microsoft, Figma vs Adobe WSJ had an interesting piece yesterday on how Amazon has scaled its robotic efforts over the years: "The e-commerce giant, which has spent years automating tasks previously done by humans in its facilities, has deployed

Adobe 2Q'23 Update

Disclosure: I am long shares of Adobe First things first, while as of this writing I do own Adobe shares, I have gradually trimmed half of my Adobe holdings for the last couple of weeks. By the time I will publish my Deep Dive next week, it is likely that

Adobe 1Q'23 Update

Disclosure: I am long shares of Adobe In 2001 and 2002, Adobe's topline went down 3% and 5% respectively. In 2009, revenue went down by 18%! Thanks to shift to subscription and a continued secular momentum in digital content, Adobe will perhaps prove to be a quite resilient

Adobe 4Q'22 Update

Disclaimer: I own shares of Adobe Subscribe "It is the golden age of design. Everybody would like to express themselves." Shantanu Narayen, CEO of Adobe While the days of 20%+ topline growth is clearly behind us, Adobe remains the juggernaut in creativity software industry. Digital Media, Digital Experience,

Adobe Update

Disclosure: I own shares of Adobe Adobe just had its Annual Creativity Conference: MAX as well as its Analyst Day. I wanted to write an update based on more data points that were disclosed on the Analyst day. If you are not up to speed on the business, I encourage

Adobe: A Software Giant from the 80s

You can listen to this Deep Dive here John Warnock and Charles “Chuck” Geschke, who met each other while working for Xerox, co-founded Adobe in 1982. John was leading a team at Xerox to build InterPress, a protocol for Xerox printers and became disillusioned as Xerox showed little interest in