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    ADBE   US00724F1012

ADOBE INC.

(ADBE)
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Real-time Estimate Cboe BZX  -  01:17:03 2023-02-02 pm EST
396.12 USD   +3.18%
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Cyber Monday sets sales record as shoppers splurge on toys, electronics- report

11/29/2022 | 09:41am EST
Cyber Monday at the Amazon fulfilment centre in Robbinsville Township in New Jersey

(Reuters) - Discount-hunting shoppers snapped up more Pokemon cards, TVs and air fryers on Cyber Monday, pushing sales to $11.3 billion, making it the biggest U.S. online shopping day in history, according to data from Adobe Analytics.

Sales, not adjusted for inflation, rose 5.8% from a year ago, per data from Adobe Analytics, which measures e-commerce performance by analyzing purchases at 85% of the top 100 internet retailers in the United States.

While retailers started promotions and discount offers as early as October to induce more sales, turns out inflation-weary shoppers had largely put off their holiday shopping until the Black Friday weekend and Cyber Monday in hopes of finding the best deals.

Major retailers including Target, Macy's and Best Buy have all signaled a return to pre-pandemic shopping patterns and the need to discount more heavily during the traditional single-day shopping events.

Toys were the hottest products on Cyber Monday, with online sales going up nearly eight-fold compared to an average day in October 2022, according to the Adobe Analytics report.

Electronics sales rose nearly five-fold, while sporting goods, appliances and books also saw increases of well over 400%.

The report added that Pokemon cards, Hot Wheels, PlayStation 5s, Smart TVs and Apple AirPods were among the best-selling products.

Shopify Inc, an online payment services provider, said on Tuesday merchants using its platform logged a record $7.5 billion in sales globally from Black Friday through Cyber Monday.

Still, some experts were not convinced that a bright Cyber Monday was a sign of inflation easing its burden on consumer sentiment.

"Online shopping still makes up only about 15% of all retail sales. So it is not necessarily a great indicator of the health of the economy overall," said Dan North, senior economist at global trade credit insurer Allianz Trade North America.

(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADOBE INC. 3.32% 397.04 Delayed Quote.10.05%
ALLIANZ SE 0.32% 221.7 Delayed Quote.10.01%
AMAZON.COM, INC. 7.07% 112.6099 Delayed Quote.25.18%
APPLE INC. 3.11% 150.0684 Delayed Quote.11.93%
BEST BUY CO., INC. 3.71% 92.975 Delayed Quote.11.77%
SHOPIFY INC. 7.79% 54.185 Delayed Quote.44.80%
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Analyst Recommendations on ADOBE INC.
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Financials (USD)
Sales 2023 19 259 M - -
Net income 2023 5 046 M - -
Net cash 2023 3 028 M - -
P/E ratio 2023 34,8x
Yield 2023 -
Capitalization 176 B 176 B -
EV / Sales 2023 8,97x
EV / Sales 2024 7,84x
Nbr of Employees 29 239
Free-Float 76,6%
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Technical analysis trends ADOBE INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 37
Last Close Price 383,92 $
Average target price 389,43 $
Spread / Average Target 1,44%
EPS Revisions
Managers and Directors
Shantanu Narayen Chairman, President & Chief Executive Officer
Daniel J. Durn CFO, EVP-Finance, Technology Services & Operations
Cynthia A. Stoddard Chief Information Officer & Senior Vice President
Mark S. Garfield Chief Accounting Officer, Controller & SVP
John E. Warnock Chief Executive Officer
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