Adobe shares find no relief after software company's outlook disappoints
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Adobe (NASDAQ:ADBE) shares gave up as much as 5% in after-hours trading Thursday as the cloud and digital media software giant gave a fiscal third-quarter forecast that fell short of Wall Street's expectations.
After U.S. stock markets closed, Adobe (ADBE) said that for its third quarter, it expects to earn $3.33 a share, excluding one-time items, on revenue of $4.43B, while analysts had earlier forecast Adobe (ADBE) to earn $3.40 a share on $4.51B in revenue for the three-month period. 
The company cited several factors as impacting its outlook, including "summer seasonality", a foreign exchange "headwind" of $175M that will be spread across Adobe's (ADBE) third and fourth quarters, and the decision to cease all new sales in Russia and Belarus due to the war in Ukraine.
Adobe's (ADBE) outlook took some of the shine off of what was a better-than-expected second-quarter report.
For the period ended June 3, Adobe (ADBE) earned $3.35 a share, excluding one-time items, of sales of $4.39B, which topped analysts' expectations for a profit of $3.31 a share, excluding one-time items, on $4.35B in revenue.
"We are winning in our established businesses and seeing significant momentum in new categories," said Adobe (ADBE) Chief Executive Shantanu Narayen, in a statement.
Among its main business areas, Adobe (ADBE) said digital media revenue rose 15% from a year ago, to $3.2B. Within digital media, creative revenue reached $2.61B, a 12% increase from a year ago, while document cloud sales rose 27%, to $595M.
Digital experience revenue totaled $1.1B, or 17% higher than in the second quarter a year ago.
Prior to Adobe's (ADBE) earnings report, the company's shares fell to a 52-week-low of $360.90 in the day's regular trading session. Adobe (ADBE) has been in rocky territory for days in what have been several sessions of declines for cloud-based software companies.