Simon Belanger

36% is a huge dip, and a lot of people can't really find a reasoning for this stock to shed one-third of its value.

It's pretty wild.

I mean, I don't know them well enough.

No.

I mean, I was kind of in the middle, but I got criticized.

Yeah.

So they beat on revenue and earnings estimates, raised guidance, and the stock kind of tanked.

I think it fell like 7% or 8% after reported.

And that's kind of been the story for this one over the last few years.

I think it's down 70% from highs a few years ago.

Revenue increased 11% in constant currency, adjusted earnings by 18%.

I think a lot of that earnings growth because they're buying back a ton of shares.

I'd be curious to know how earnings were growing actually without share buybacks, but operating margins were flat.

ARR increased by 12.5% and RPOs by 13%.

And in my opinion, too many Adobe bulls are focusing kind of on the disruption level bear case and kind of applying it to the, I don't know why this stock is going down.

This thing, this company is not getting disrupted.

But I think really with me trying to take the most objective look at it possible, like the company is not growing as fast as it was.

It is definitely a deceleration of growth.

Like I think revenue growth rates are,

I'm just kind of guessing, but I think they're pretty close to half of what they were maybe four or five years ago.