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Adobe Stock Slips 7% As Outlook Below Street Estimates

Shares of Adobe Inc. (ADBE) slipped nearly 7% on Thursday morning after the software giant's financial outlook for the first quarter and full-year 2022 fell short of Street view.

ADBE is currently trading at $586.66, down $43.67 or 6.93%, on the Nasdaq. For the past 52 week period, the stock has traded between $420.78 and $699.54.

Looking forward to the first quarter, Adobe expects adjusted earnings of about $3.35 per share on revenues of about $4.23 billion. Analysts polled by Thomson Reuters currently estimate earnings of $3.38 per share and revenues of $4.34 billion for the quarter.

For fiscal year 2022, the company now projects adjusted earnings of about $13.70 per share on total revenues of about $17.90 billion. The Street is currently looking for earnings of $14.26 per share on revenues of $18.16 billion.

Meanwhile, Adobe's fourth-quarter profit halved from last year, reflecting higher provision for income taxes. On an adjusted basis, earnings were in line with analysts' expectations, while quarterly revenues topped it.

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