Adobe Systems shares have fallen by 3.7 percent after the company forecast second quarter profit that missed analysts estimates. Profit, excluding some costs will be 47 cents to 54 cents a share this quarter, Adobe said in a statement. This is compared with the 56 cent average of projections compiled by Bloomberg.
Revenue will be around $970 million to $1.02 billion, and analysts had expected $1.04 billion.
Adobe have had to cut their revenue forecast by $50 million because of the disaster in Japan. The company gets 10 percent to 15 percent of its revenue each quarter from that country, which means it is Adobe's second largest market after the U.S.
Adobe Chief Financial Office Mark Garrett said “The big issue is the tragedy in Japan, We saw a noticeable drop in our revenue.”
KitGuru says: The Japan disaster has hit many companies hard, Adobe are only one of the many affected.