Adobe Climbs Off Worst Levels But Remains Firmly Negative

(RTTNews) - After falling sharply early in the session, shares of Adobe Inc. (ADBE) continue to see considerable weakness in afternoon trading on Friday. Adobe has climbed off its worst levels of the day but remains down by 6 percent.

The early sell-off by Adobe came after the software maker appeared to report fiscal fourth quarter earnings and provide fiscal 2019 guidance below analyst estimates.

Adobe reported fourth quarter adjusted earnings of $1.83 per share compared to analyst estimates of $1.88 per share, although the company reported earnings of $1.90 per share excluding costs related to the acquisition of Marketo.

The company also forecast fiscal 2019 earnings below current analyst estimates, reflecting the acquisition costs as well as adverse changes in global currency rates.