Adobe (ADBE) Stock Agrees to Buy Figma

Adobe announced Thursday that it will acquire design tech company Figma worth about $20 B in cash and stock.

Adobe's stock was down 15.91% today, its biggest drop since 2010.

On Thursday, ADBE Stock reported Q3 earnings that exceeded analysts' expectations but revenue that fell short.

ADBE Stock reported revenue of $4.43 billion in its Q3 of the financial year of 2022, which represents a 13 percent YOY growth.

Adobe claims that "together, Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design

To inspire global communities of creators, designers, and developers."