- December 17, 2021
- Posted by: Stratford Team
- Category: Business
Adobe Chairman and CEO Shantanu Narayen on Thursday expressed confidence about the company’s future, telling CNBC’s Jim Cramer that the software maker’s weaker-than-expected forward guidance does not signal problems for its business.
Narayen’s comments on “Mad Money” came shortly after Adobe shares tumbled 10.2% in Thursday’s session, as investors responded negatively to the company’s financial projections for its fiscal 2022 first quarter and the full year.
“The underlying business is still as healthy as it’s been,” Narayen said, referring to the 2022 targets. “I guess when you’re a $15 billion [revenue] company, the one thing that perhaps people didn’t quite understand was how foreign exchange was moving against us, but the underlying business is still extremely strong.”
The U.S. dollar has been strengthening against a basket of foreign currencies for months, which can have an outsized impact on companies that do a large percentage of business overseas….
