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Adobe Slips on Underwhelming Results
Adobe Systems(ADBE Quote) reported second-quarter revenue and earnings that declined by double-digits compared with the year-ago period.
Investors appeared to dislike the news, sending Adobe stock down about 3% in afterhours trading. The stock was changing hands at $27.40 after closing the regular session at $28.17.
In a press release issued after the market closed, Adobe said revenue came in at nearly $705 million, down 21% from a year ago, but above analysts' estimates of $695 million. Adjusted earnings per share were 35 cents, even with Wall Street targets. ...
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