You seem to think that the market is focusing on the increase in cloud subscriptions. I would argues this is an incorrect assumption. The focus is on the significant increased percentage of annually recurring revenue (ARR). This is significant in reducing the concerning revenue variances (from Q-to-Q or Y-to-Y) that used to abound during the traditional creative product life cycle (made of more unpredictable one time purchases) for the company. One would argue that this change would enhance the ability for the company to predict and offer forward guidance. I believe the market prefers systematic stability in revenue over wild swings - which was reflected in the increased stock price yesterday. While this doesn't explain the whole story, it is a big part of the reasoning behind the activity you saw yesterday - and why the revenue/profit miss appears to have left the price un-penalized.