Adobe cuts Q3 expectations
Adobe Systems Inc added a depressing post-script to a bleak earnings season yesterday when it downgraded its financial forecasts for the current quarter.
The San Jose, California-based vendor said that with over four weeks left of its third quarter ending August 30, it was reducing its revenue expectations for the period from $300m to $320m to $270m to $290m. It now expects earnings per share to range between $0.18 to $0.23, compared to earlier forecasts of $0.24 to $0.27.
The company blamed the shortfall on lower than expected revenue in July, which occurred across all its business segments and geographies. Business was particularly weak in Europe and Japan.
The IT industry has already resigned itself to not seeing a recovery until next year. It remains to be seen whether Adobe's warning heralds a worse than expected summer for other vendor.