NEW YORK ( TheStreet) -- Shares of Avid Technology ( AVID) fell in late trades on Wednesday after the digital audio and video equipment company gave a weak first-quarter outlook. Citing weak demand from "creative enthusiast portion" of its business, the Burlington, Mass.-based company said it now sees a non-GAAP operating loss of $8 million in the March-ended period on revenue of $152 million. The average estimate of analysts polled by Thomson Reuters is for earnings of 3 cents a share on revenue of $161.1 million. The stock was last quoted at $8.61, down 16.2%, on volume of nearly 15,000, according to Nasdaq.com. Based on Wednesday's regular-session close at $10.28, the shares were up 20% so far in 2012. Wall Street was skeptical about Avid before this news with four of the five analysts covering the stock at hold. The median 12-month price target sits at $11. Check out TheStreet's quote page for Avid Technology for year-to-date share performance, analyst ratings, earnings estimates and much more.