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Software giant Adobe’s light guidance overshadowed a strong fiscal-second-quarter report.
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Adobe
stock is losing ground in late trading Thursday after the provider of software for creativity, marketing, and documents provided softer-than-expected guidance for both the August quarter and the full fiscal year ending in November. Adobe is feeling the effects of both intensifying headwinds from negative foreign-exchange rates and the fallout from the war in Ukraine.
Adobe (ticker: ADBE) stock is down 4.4%, to $349 in late trading. In the regular session Thursday, shares fell 3.1%.
For the fiscal second quarter ended June 3, Adobe (ticker: ADBE) posted revenue of $4.39 billion, up 14%, or up 15% when adjusted for currency rates, and slightly ahead of its guidance target of $4.34 billion. Adjusted profits were $3.35 a share, a nickel above the company’s forecast. Under generally accepted accounting principles, the company earned $2.49 a share. Adobe said it repurchased 1.9 million shares in the quarter.
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CEO Shantanu Narayen said in a statement that the company saw “strong demand” across its business. Digital Media segment revenue was $3.2 billion, up 15%….
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