Adobe Systems Issues Revenue Warning
Adobe Systems Inc. said it should meet its fiscal third-quarter profit targets but warned that revenue could be hurt by slowing sales across its product lines.
Shares of Adobe fell more than 10% to a low of $38 on the revenue warning before rebounding to $40.54--still off by 6%, or $2.52.
The San Jose-based maker of Acrobat, the popular online document-sharing software, said that after a “solid†June, U.S. revenue was weaker than expected in July, and Japanese revenue in July fell more than its reduced expectations. Adobe said revenue from Europe, which began slowing in April, stabilized during the first two months of the quarter.
Acrobat has become the standard software used for sending and sharing documents such as tax forms and company memos. It enables users to read documents on a computer, to attach them to e-mail and to print them out.
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