Shares of Adobe Systems Incorporated (ADBE) are tumbling Wednesday, down about 4% after the company reported earnings on Tuesday after the close. The move lower may surprise investors, considering that Adobe beat on earnings per share and revenue estimates, guided for revenue in-line with expectations for the third quarter and guided for above-consensus EPS for next quarter.

So why the dip? Considering that shares are still up 45% on the year, expectations were high heading into the results. ADBE stock also just hit a new all-time high earlier this month.

Adobe is "one of my absolute favorite companies," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment Wednesday. This "fabulous cloud-based company" continues to churn out strong result after strong result and it has one of the most honest CEOs in Shantanu Narayen.

Cramer explained the weakness in Adobe's stock, saying the company experienced a shortfall in revenue for its cloud division, according to the CEO. However, Narayen said the segment remains strong overall, isn't suffering from competition and should show its typical year-end strength management has become accustomed to.

So why were results light? Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, explained that Adobe had some of its largest deals delayed, pushing back when it books the revenue. The delays weren't due to a serious problem, but can be explained by the company needing more of its team to look over the numbers.

The delay in these deals is only due to Adobe taking more time to analyze them, due to their large size, Cramer reasoned. That's not a bad problem to have.

"Adobe is a horse," he said, but "let it come in." It's got a high valuation because it's a premium company. But it can be prone to declines. Investors will get their chance to buy, Cramer concluded. Cloud stocks continue to do well; companies like Amazon (AMZN) , Microsoft (MSFT) , Salesforce (CRM) and Workday (WDAY) all showed strength in the segment when they reported earnings earlier this quarter, too. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.

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