What high gross margins tell investors about the merits of a business
When Adobe (ADBE:NASDAQ) reported second quarter figures in June 2022 it unveiled earnings that beat forecasts, reporting $3.35 versus consensus estimates of $3.31. So far, so what? The market shrugged the results off - the share price dipped 1.2% to $360. Yet this was the latest in a long run of quarterly forecast beats that, barring a single period in 2018, stretch back to 2013.Since then, Adobe