Adobe Systems Incorporated (NASDAQ:ADBE) shares fell nearly 2% in extended trading Thursday after the company announced that its third-quarter 2023 revenue rose 10% year over year to $4.89 billion, surpassing the analyst consensus forecast of $4.82 billion.
Its adjusted earnings per share (EPS) for the period, meanwhile, increased 20% year over year to $4.09, which also exceeded Wall Street expectations of $3.98.
High Tide Inc shares fell 4.6% after the closing bell despite reporting positive free cash flow of $4.1 million for the fiscal first quarter, achieving this milestone ahead of its year-end target. The improvement from negative free cash flow of $2 million in the year-ago quarter was driven by increases in the company’s same-store sales growth.
The Calgary, Alberta-based company also achieved record revenue for 3Q. Revenue rose 30% year-over-year from $95.4 million to $124.4 million.
Meanwhile, shares of the big three Detroit automakers — General Motors Company, Ford Motor Company and Stellantis NV — significantly underperformed a big market rally Thursday with a United Auto Workers strike looming at the end of the day.
Shares of GM were flat, Ford dropped 0.2% and Chrysler parent Stellantis declined 0.6%. For comparison, the S&P 500 gained 0.8%.
The UAW is planning a targeted strike, which would affect certain plants at each of the big three automakers, assuming no deal is reached by midnight Thursday when the union’s current contracts expire.