(Finance) – Definitely positive session for Adobe Systemswhich is trading up by 14.58%, after higher-than-expected quarterly revenues and profits and the increase in 2024 guidance.
“Adobe achieved record revenue of $5.31 billion, driven by strong growth in Creative Cloud, Document Cloud and Experience Cloud,” said Shantanu Narayen, president and CEO. “Our highly differentiated approach to AI and delivery of innovative products are attracting an expanding universe of customers and providing more value to existing users.”
The analysis of the stock performed on a weekly basis highlights the bullish trendline of maker of Photoshop and Acrobat more pronounced than the trend ofS&P 100. This expresses the market’s greater attractiveness towards the stock.
The current technical implications of Adobe Systems show a slowdown of the trendline upon testing the support at USD 520.2. On the contrary, bullish cues could push the curve up to the 532.8 test. Technically, a continuation of the bearish trend towards new supports in the 514.8 area is expected.