Adobe (ADBE) stock took a big hit on Friday, falling more than 14%, despite the tech giant reporting strong results, with adjusted earnings per share of $4.48, beating analysts' expectations of $4.38, and revenue of $5.18 billion, beating expectations of $5.14 billion.
Analysts indicate that the stock of design software company Adobe fell sharply due to the company's negative expectations during the current quarter, as Adobe expected adjusted earnings per share in the current quarter to range between $4.35 and $4.40, while analysts expected $4.38.
At the same time, the American giant company expected to record revenues ranging between $5.25 billion and $5.30 billion, which is lower than market expectations of about $5.31 billion, which negatively affected the company's shares.
In today's trading, the stock of the giant company Adobe (NASDAQ: ADBE) fell by 14.12%, or about $81.12 per share, to be traded near the current level of $489.33 per share during US stock exchange trading.
