(Reuters) - Adobe Inc forecast current-quarter revenue below analysts’ estimates, overshadowing its first-quarter revenue beat that was driven by growth in its digital media business.
The company expects to report revenue of about $2.70 billion for the second quarter, below estimates of $2.72 billion, sending its shares down 2.3 percent in extended trading.
Revenue from Adobe’s digital media business, which houses the popular image-editing software Photoshop, surged 22 percent in the first quarter.
The San Jose, California-based company’s revenue jumped 25.1 percent to $2.6 billion, beating analysts’ estimate of $2.55 billion.
The company’s net income rose 15.6 percent to $674.2 million, or $1.36 per share, in the quarter ended March 1.
Reporting by Munsif Vengattil in Bengaluru; Editing by Maju Samuel