Adobe reported fiscal second-quarter earnings that were better than expected and the creative and marketing software company boosted guidance for the fiscal year ending in November. Net new digital media annualized recurring revenue—a closely watched metric for Adobe—was $487 million, well above the company’s forecast of $440 million forecast. Adobe exited the quarter with total digital media ARR of $16.25 billion. “We had a great first half, and we’re carrying that momentum into the second half, all on the back of innovation in all of our clouds, bringing them to life with generative AI, with real productivity gains for our customers,” Chief Financial Officer Dan Durn told Barron’s. The stock jumped 15% in premarket trading.
shareholders reapproved CEO Elon Musk’s $56 billion pay package in a vote Thursday. Shareholders had to reconsider the issue after a Delaware judge, citing inadequate disclosures, in January voided the package, which passed in 2018 with more than 70% support.
Tesla
’s
board put the same package, granting Musk some 300 million stock options, up for another vote with new disclosures. The percentage pf shareholders that backed the proposal on Thursday wasn’t disclosed. Tesla shares rose 1.3% in premarket trading.
was up 1.2% in premarket trading after the stock closed at a record high Thursday of $1,678.99, following better-than-expected earnings from the semiconductor and software company and after it announced a 10-for-1 stock split.
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fell 1.1% in premarket trading. Keith Gill, the investor known as Roaring Kitty, shared a screenshot on Reddit late Thursday that showed an E*Trade account holding more than 9 million
shares and $6.34 million in cash. That compares with his prior position on Monday of 5 million shares and 120,000 call options that would have allowed him to buy shares for $20 each. The 9 million shares were worth about $262.1 million at Thursday’s close of $29.12. Meanwhile, the stock closed Thursday 14% higher even as GameStop’s livestream for its annual meeting crashed amid overwhelming interest. The event has been rescheduled to an unknown date.
reported a first-quarter adjusted loss of 40 cents a share, wider than analysts’ expectations that called for a loss of 13 cents. Revenue at the luxury furniture retailer fell to $727 million from $739.2 million but beat forecasts of $725.1 million. RH shares tumbled 12%.
was up 0.1% in premarket trading. Shares of the iPhone maker rose 0.6% on Thursday and
surpassed
as the most valuable company by market capitalization, according to Dow Jones Market Data. Apple’s finished Thursday with a market cap of $3.285 trillion, higher than
Microsoft
’s
$3.282 trillion. Apple hadn’t closed with a market cap higher than Microsoft’s since Jan. 24.
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Write to Joe Woelfel at [email protected]
