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The actions of Adobe fell 13% today after the company reported first-quarter results that beat estimates but provided a weak quarterly revenue forecast.
The design software company reported adjusted earnings per share of $4.48, higher than the $4.38 expected by analysts, according to LSEG, formerly known as Refinitiv. Revenue of $5.18 billion topped analysts’ $5.14 billion estimate.
For the current quarter, Adobe forecast adjusted earnings per share of $4.35 to $4.40, while analysts expected $4.38. The company said revenue will be between $5.25 billion and $5.30 billion, slightly lower than the $5.31 billion estimate. The company also announced a $25 billion share buyback.