Adobe slips because of weak guidance
Adobe (NASDAQ:ADBE) $Adobe(ADBE)$shares slipped on Friday after the cloud-based software company issued guidance that fell short of expectations, but several other software-as-a-service stocks attempted to end the week on a positive note.
Adobe (ADBE) lost slightly more than 1% to $361.34 after it said third-quarter revenue would be $4.34B and adjusted earnings would be $3.33 per share, compared to estimates of $4.51B in sales and adjusted earnings of $3.40 per share.
For the full-year, Adobe (ADBE) said it expects revenue to be $17.65B, down from a prior outlook of $17.9B. Adjusted earnings are forecast to be $13.50 per share, down from a prior outlook of $13.70 per share.
Analysts were expecting the Adobe (ADBE), which reported strong second-quarter results on Thursday, to generate $17.85B in full-year revenue and adjusted earnings of $13.67 per share.
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