Share plunge bodes ill for Adobe
Adobe Systems has seen its shares plunge by 20% following warnings that sales to Japanese and American customers could be weaker than forecast.
Sales of Creative Suite 5, a platform which includes Photoshop and Acrobat, being cited as a particular cause for concern.
Brokerages have cut their ratings of the firm in the expectation of lower than anticipated revenues, with at least three downgrading the stock to “neutral”.
Credit Suisse’s Philip Winslow predicted “massively decelerating revenue growth for the next 4 quarters” amidst difficulty in seeing what could act as a catalyst for the firms stock.