Adobe drops as Q2 forecast misses estimates
Adobe (NASDAQ:ADBE) shares fell in after-hours after the software company forecast second-quarter results that fell short of Wall Street expectations.
The Shantanu Narayen-led Adobe (ADBE) said it expects to earn $3.30 per share on $4.34 billion in revenue. Analysts were expecting the company to earn $3.35 per share and $4.4 billion in sales.
Adobe (ADBE) shares fell nearly 0.5% to $464.05 in extended hours trading.
For the first-quarter, ended March 4, Adobe (ADBE) said it earned $3.37 per share on $4.26 billion in sales. A consensus of Wall Street estimates expected Adobe (ADBE) to earn $3.34 per share on $4.24 billion in revenues.
Information compiled by Seeking Alpha noted that Adobe (ADBE) had previously beaten earnings per share 100% of the time and revenue estimates 88% of the time over the past two years.
Adobe will host a conference call at 5 p.m. EST to discuss the results.
Adobe (ADBE) was recently mentioned by Wedbush Securities as one of the stocks that could be bought after the Federal Reserve gave a "bright green light" to investors following its interest rate hike last week.