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Adobe Slips 14% On Reduced Q3 Profit, Outlook; Acquisition Of Figma

Adobe Inc. (ADBE) shares are losing more than 14 percent on Thursday morning trade after the company announced a decline in third-quarter earnings and a definitive merger agreement to acquire web-first collaborative design platform Figma for approximately $20 billion in cash and stock. Further, the diversified technology company's outlook for the fourth quarter is lower than analysts' expectations.

The company recorded third-quarter earnings of $1.136 billion or $2.42 per share compared to $1.212 billion or $2.52 per share last year.

Looking ahead to the fourth quarter, the company expects adjusted earnings of $3.50 per share, while Wall Street analysts are looking for $3.53 per share. The revenue outlook for the next quarter is around $4.52 billion, lower than analysts' projections of $4.58 billion.

Currently, shares are at $318.25, down 14.34 percent from the previous close of $371.52 on a volume of 5,114,041.

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