Adobe Inc. (ADBE) - Get Report  slumped lower Wednesday after the world's third-largest cloud software group forecast softer-than-expected fourth quarter revenues amid disappointing results from its recently-added marketing software division.

Adobe said adjusted non-GAAP earnings for the three months ending on August 30, the company's fiscal third quarter, came in at $2.05 per share, up 18.5% from the same period last year and well ahead of the Street consensus forecast of $1.97 per share. Group revenues also topped analysts' forecasts, albeit modesty, rising 24% to $2.83 billion.

Looking into the final three moths of its financial year, however, Adobe said it sees only a 5% quarter-on-quarter revenue gain, to $2.97 billion, a figure that fell shy of the $3.03 billion estimate collected by Refinitiv. 

"While we had strong overall revenue in Q3, our subscription bookings growth for Marketo in the mid-market did not meet our expectations, which is being addressed by increasing our focus and investment on demand generation and inside sales," CFO John Murphy told investors on a conference call late Tuesday. "In addition, there were Analytics Cloud subscription bookings delays with related shortfalls in consulting services bookings and revenue associated with the launch of our new Adobe Experience Platform."

"We are confident the enhanced innovation in Analytics Cloud, the introduction of our Real-Time CDP product, and the ongoing global roll-out of the Adobe Experience Platform will convert strong customer demand and the current pipeline into bookings starting in Q4," Murphy added.

Adobe shares were marked 4.55% lower at the start of trading Wednesday to change hands at $272.00 each, a move that would still leave the stock with a year-to-date gain of around 20% and a market value of around $133 billion. 

Adobe closed its $4.75 billion acquisition of Marketo, a business-to-business marketing applications group from private equity investors Vista Equity on October 31. It also bought Magento Commerce from Permira, another private equity group, for $1.7 billion in May of last year, with both contributing to the group's top and bottom lines over the second quarter.

"Adobe's fundamentals have deteriorated somewhat with management lowering its annual Experience Cloud bookings target by ~$80 million or 5%," said Oppenheimer analyst Brian Schwartz.

"The weakness was not attributed to the macro but rather to company-specific issues," he noted. Specifically, the Marketo mid-market business missed plan from execution, the cloud analytics from elongated product cycles, and these segments lowered consulting revenue."