Adobe: When Free Cash Flow Is A Figma Of Your Imagination
FCF isn't so free if you have to use it all on maintenance CAPEX acquisitions.
Summary
Adobe announced Q3 earnings today.
Shares collapsed following the release, not due to said earnings, but instead because the company paid an outlandish multiple to acquire Figma.
Adobe seemingly made this deal out of desperation.
Either it gets approved and destroys shareholder value or the FTC blocks it and that's hardly better.
It's difficult to ca…
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