Vertical Software Stocks Mixed in Q1 as Upstart Leads Revenue Growth and Adobe Tops Guidance

Earnings
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Summary · why it matters

Vertical software stocks delivered a mixed first quarter, with the group beating revenue estimates by 2.2% but issuing next-quarter guidance 0.6% below expectations, and shares falling 8.8% on average since reporting. Upstart posted the fastest revenue growth, up 44.4% year on year to $308.2 million, though it missed EBITDA estimates and offered slightly lower full-year revenue guidance. Adobe achieved the highest guidance raise among peers, reporting revenue of $6.62 billion, up 12.7%, and beating billings estimates, yet its stock fell 10.8%. Doximity recorded the slowest revenue growth at 5.1% to $145.4 million and the weakest full-year guidance update, sending shares down 12.2%. Autodesk beat expectations with revenue of $1.93 billion, up 18.4%, but its stock dropped 19.6%, while Agilysys topped estimates with $82.95 million in revenue, up 11.7%, and its shares surged 22.7%.

Impact on stocks 5

Artificial Intelligence▼ · 2 stocks
Adobe Systems Incorporated
ADBE
▼ NegativeCapitalrelevance

Stock fell 10.8% despite beating revenue estimates and raising guidance, indicating market disappointment.

Doximity Inc
DOCS
▼ NegativeCapitalrelevance

Stock fell 12.2% due to slowest revenue growth and weakest guidance update.

Cloud & Digital Infrastructure± Mixed · 2 stocks
Autodesk Inc
ADSK
▼ NegativeCapitalrelevance

Stock dropped 19.6% despite beating revenue expectations, reflecting negative market reaction to earnings.

Agilysys Inc
AGYS
▲ PositiveCapitalrelevance

Shares surged 22.7% after topping revenue estimates, driven by strong earnings performance.

Digital Finance & Tokenization▲ · 1 stocks
Upstart Holdings Inc
UPST
± MixedCapitalrelevance

Fastest revenue growth but missed EBITDA estimates and offered slightly lower full-year guidance; mixed signals.

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