Adobe’s Quarterly Earnings Fall 10%
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Adobe Systems Inc. said its fiscal third-quarter earnings fell 10% to $96.4 million, or 28 cents a share, matching analyst forecasts, but revenue fell short of expectations.
The San Jose-based software company also reduced fourth-quarter estimates to 27 cents or 28 cents a share, primarily because of a sudden drop in demand in Japan. Analysts had been expecting 31 cents.
Revenue fell 11% to $292.1 million in the third quarter. Analysts were expecting revenue of $319.1 million, according to Thomson Financial/First Call.
Adobe shares fell $4, or 13%, to $26.10 on Nasdaq.
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