Opinion: Adobe’s stock tanked for spending $20 billion on Figma. But it now owns rare company.

Adobe beat revenue and profit expectations and announced on the same day that it would acquire a smaller but faster-growing rival in online design collaboration tools. The stock market rewarded the company by pushing shares ADBE down to the lowest level in almost three years.

Investors chastised the company not for the earnings report released on Thursday, but for their disdain for the Figma deal. Specifically, the agreement’s price.

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