SAN JOSE (dpa-AFX) - Software maker Adobe Systems Inc. (ADBE) Tuesday detailed an outlook for the full year 2016 indicated to miss Wall Street estimates, sending its shares down 8 percent in after-hours trading.
Adobe expects full-year 2016 revenues of about $5.7 billion and an adjusted earnings of $2.70 per share. Analysts polled by Thomson Reuters expect revenues of $5.93 billion and earnings of $3.19 per share.
CEO Shantanu Narayen said, 'We are targeting 20 percent revenue and 30 percent non-GAAP earnings CAGRs between FY15 and FY18 that reflect our business momentum and growing addressable markets.'
ADBE closed Tuesday's trading at $85.15, down $0.69 or 0.80%, on the Nasdaq. The stock further dropped $6.65 or 7.81% in the after-hours trade.
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