Investopedia: Adobe Has To Deliver The Growth To Unlock The Value

One of the fundamental rules of tech investing is that there is no value without growth. Adobe (Nasdaq:ADBE) is undoubtedly a leader in its digital media markets, with well-known products like Acrobat and Photoshop basically defining their genres, but growth has been harder and harder to come by without relying on deals. With an upcoming new cycle in digital media and growth potential in digital marketing, can Adobe deliver the sort of growth it will take to get investors interested in the value?

A Somewhat Complicated Quarter  
Although reported results for Adobe's fiscal first quarter looked fine, some of the moving parts seem to be generating some chatter and worry. Revenue was up 2% from last year and down about 9% from the prior quarter, basically in line with expectations. Digital media revenue was down 12% sequentially and digital marketing revenue was down 4%. All in all, marketing did better and media did worse than expected.

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