Switching From Boxes To Fees
Photo by Lucas Santos on Unsplash
About fifteen years ago, Adobe (ADBE) was all about selling boxes with thick manuals and CD ROMS. How times have changed: the actual physical stuff they are selling is almost incidental. It’s the recurring revenues that have made their fortune.
You can see this reflected in the long-term stock chart, which went from about $20 in 2010 to THIRTY TIMES that much these days. The p/e is currently a rather zesty 54 on ADBE.
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