Jim Cramer, the host of CNBC’s “Mad Money,” has criticized analysts for their harsh stance on Adobe Inc. following the release of its third-quarter financial results. Cramer took to X, formerly known as Twitter, to voice his concerns, stating that analysts are overlooking Adobe’s fundamental strengths. He emphasized the need for a balanced perspective, highlighting that there is a middle ground between total euphoria and total skepticism.
Adobe’s third-quarter earnings report revealed impressive figures, with record revenue of $5.41 billion, surpassing analysts’ expectations of $5.37 billion. The company also achieved a year-over-year growth of 10.63%. Furthermore, Adobe’s earnings per share exceeded estimates, coming in at $4.65 compared to the expected $4.53. The company’s strong performance in the artificial intelligence space has positioned it as a top tech pick, alongside Oracle Corp., with investors recognizing its ability to monetize AI technologies.
Despite these positive results, Adobe’s stock experienced a drop of 9.12% in after-hours trading, following the release of the third-quarter earnings report. The stock closed at $586.55 on Thursday, representing a 1.06% increase. Year-to-date, Adobe’s stock has seen a modest increase of 1.12%.