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Adobe forecasts current-quarter revenue below estimates

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Adobe forecasts current-quarter revenue below estimates
FILE PHOTO: An Adobe Systems Inc software box is seen in Los Angeles, California, U.S., March 13, 2017. REUTERS/Lucy Nicholson   -   Copyright  Lucy Nicholson(Reuters)
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(Reuters) – Adobe Inc forecast current-quarter revenue below analysts’ estimates, overshadowing its first-quarter revenue beat that was driven by growth in its digital media business.

The company expects to report revenue of about $2.70 billion (2 billion pounds) for the second quarter, below estimates of $2.72 billion, sending its shares down 2.3 percent in extended trading.

Revenue from Adobe’s digital media business, which houses the popular image-editing software Photoshop, surged 22 percent in the first quarter.

The San Jose, California-based company’s revenue jumped 25.1 percent to $2.6 billion, beating analysts’ estimate of $2.55 billion.

The company’s net income rose 15.6 percent to $674.2 million, or $1.36 per share, in the quarter ended March 1.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel)

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