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Adobe (NASDAQ: ADBE) shares slipped on Friday after the cloud-based software company issued guidance that fell short of expectations, but several other software-as-a-service stocks attempted to end the week on a positive note .
Adobe (ADBE) lost slightly more than 1% to $ 361.34 after this said Revenue in the third quarter will be $ 4.34B and adjusted revenues will be $ 3.33 per share, compared to estimates of $ 4.51B in sales and adjusted revenues of $ 3.40 per share.
For the full year, Adobe (ADBE) said it expects revenue to be $ 17.65B, down from the previous view of $ 17.9B. Adjusted earnings are estimated to be $ 13.50 per share, down from the previous view of $ 13.70 per share.
Analysts expect Adobe (ADBE), which reported strong second-quarter results on Thursday, to generate $ 17.85B in full-year revenue and adjusted earnings of $ 13.67 per share.
However, several other software stocks rose on Friday, trying to bounce back from the Fed-induced sell-off earlier in the week.
Leading the way are the components of ServiceNow (NOW), that is increased by more than 3.5% in mid -day trading. Both Salesforce (CRM) and Intuit (INTU). got almost 3%while detected by Autodesk (ADSK), IBM (IBM) and Microsoft (MSFT). more moderate benefits.
Year-to-date ServiceNow (NOW), Salesforce (CRM), Intuit (INTU) and Microsoft (MSFT) shares lost between 25% and 40%due in large part to concerns over rising inflation, slower business spending and a potential economic downturn.
Following Adobe’s (ADBE) results on Thursday, some analysts on Wall Street worried about the reduced guidance, including one that called the outlook “controversial.”