Adobe Tumbles as Full-Year Revenue Forecast Trails Estimates
- Company promotes executives to president in two divisions
- Fiscal fourth-quarter results beat analysts’ estimates
Photographer: Daniel Acker/Bloomberg
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Adobe Inc. projected revenue for the first fiscal quarter and full year 2022 that fell short of analysts estimates, sending shares tumbling as much as 10%.
Sales will reach about $4.23 billion in the current period, which ends in February, the San Jose, California-based company said in a statement Thursday. Analysts, on average, estimated $4.36 billion, according to data compiled by Bloomberg. Profit, excluding some items, could hit as high as $3.35 a share, compared with the average estimate of $3.40. For the fiscal year, Adobe expects revenue to hit $17.9 billion and earnings to reach $13.70 per share. Wall Street projected sales of $18.2 billion and profit of $14.20.