Friday Stocks In Flames: Adobe, Bitcoin, And More

When software giant Adobe Systems (ADBE) reported a double-digit percentage rise in revenue in its first quarters, shares fell by nearly 11% in after-hours trade.
Adobe posted $5.18 billion in revenue or $4.48 a share in non-GAAP earnings. In Q2, its total revenue of $5.25 billion to $5.30 billion is below Wall Street's expectations. Markets wanted the firm to issue a stronger outlook. To take advantage of the stock's plunge, the board of directors approved a new $25 billion stock buyback.

Adobe's record RPO (remaining performance obligations) of $17.58 billion is at the highest growth rate since Q1/2022. Bears are likely exaggerating the selling pressure.

Bitcoin (BTC-USD) briefly traded below $70,000 amid the hot producer price index report. It settled at around $71,430 last night. The sharp reversal hurt shares of MicroStrategy (MSTR), CleanSpark (CLSK), Marathon Digital (MARA), and Coinbase (COIN).

Marathon Digital is most vulnerable to BTC prices falling. The value of its BTC mining will fall after the Bitcoin halving event.

In the software sector, UiPath (PATH) posted its first profit of 22 cents a share (non-GAAP). Revenue rose by 31.4% Y/Y to $405.25 million. Despite PATH stock falling by 6.88% on March 14, the firm is an eventual takeover target. It has an upward trajectory and industry momentum to continue its growth.

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