Adobe Systems Reported Quarterly Earnings and Stitch Fix Announced a Surprise Profit 📈

Adobe Systems Reported Quarterly Earnings and Stitch Fix Announced a Surprise Profit

Adobe Systems

Adobe is a technology company that focuses on software, which is an instant signal that they are in Silicon Valley. You’ve likely heard of their products like Adobe Creative Cloud, and they have a market cap of $307.702 billion, making them a mega cap company.

On Tuesday, Adobe reported their third quarter results. They saw a beat on earnings per share with $3.11, and they beat on sales too with $3.94 billion in total sales, destroying analyst expectations. Analysts loved the earnings report, with some analysts increasing their price targets up to 700 dollars. However, it seems that investors might’ve priced in this earnings report as the stock fell to $622.05 after hours, down 3.69%.  

Stitch Fix

Stitch Fix is a consumer retail company that sells apparel on their mobile platform. They use human stylists along with artificial intelligence to find the best fits for people, and that artificial intelligence aspect allows them to be headquartered in San Francisco, California. The company is large, too, with a market cap of $3.799 billion.

On Tuesday, Stitch Fix reported great quarterly earnings. First was a surprise profit of 19 cents per share, while expectations were a loss of 11 cents, which is a major win. Sales also crushed expectation numbers with Stitch Fix reporting sales of $571.2 million, and the reasoning for this awesome earnings report was the return to work and more money going to retail companies. Stitch Fix saw a major boost after hours as the company rose to $40.95, up 15.48%.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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