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Adobe shares have declined 31% over the past twelve months, underperforming the S&P 500's 17.0% return.
The drop reflects investor concern over slowing subscription growth, a topic that dominated the question-and-answer session during the company's September 10 earnings call for fiscal Q3 2026.
While Adobe's total revenue grew 13% year-over-year to reach $6.76 billion in the third quarter, a key forward-looking indicator showed weakness. Sales under contract, which signal future revenue, increased by only 8%.
According to a question raised on the call, this marked the first time that metric has grown in single digits since early fiscal 2023.
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