Adobe has $24.5 billion left in its buyback program, which is about a quarter of the entire company. They've been buying back shares aggressively all year. The share count is dropping about 2% every quarter. And yet the stock is down 31% this year. It's trading at 13 times earnings, which is cheap compared to the rest of the market.
So the company is doing the one thing that's supposed to support the stock price. Buying its own shares. And it's not working. The market clearly doesn't care about buybacks right now. It wants to see growth, and Adobe's contracted revenue is only growing 8%. That's the disconnect. They can shrink the share count all they want, but if the business is dying, the stock will continue to fall.