Adobe Slips After Sales Forecast Sows Doubt About Growth Momentum
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Adobe Systems Inc. fell after forecasting sales roughly in line with Wall Street expectations, sowing doubt about whether the company can sustain blockbuster growth that’s pushed its shares up almost 90 percent in the past year.
The software maker also reported a fiscal second-quarter operating profit margin that missed average analysts’ estimates, even as sales grew. Sales in the current quarter will be about $2.24 billion, the San Jose, California-based company said in a statement Thursday. The average analyst estimate was $2.22 billion, according to data compiled by Bloomberg.