Adobe Plunges After Sales Forecast Misses Estimates
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Adobe Systems Inc., the graphic- design software maker, fell the most in eight years in Nasdaq trading after forecasting sales that trailed estimates, citing slower demand from back-to-school shoppers and Japanese buyers.
Fourth-quarter revenue will be $950 million to $1 billion, San Jose, California-based Adobe said yesterday in a statement. Analysts surveyed by Bloomberg had projected sales of $1.03 billion on average for the period, which lasts through November.