Adobe Shares Fall 6% Despite Higher Q1 Earnings

(RTTNews) - Adobe Inc. (ADBE) shares fell 5.96 percent to $253.71, down $16.07 on Friday, as investors reacted to quarterly results despite higher earnings and revenue growth.

The stock is currently trading at $253.71 compared with its previous close of $269.78. Shares opened at $248.80 and traded between $247.19 and $256.70 during the session on the Nasdaq. Trading volume reached about 5.79 million shares, above the average volume of about 5.18 million shares.

Adobe reported first-quarter net income of $1.88 billion, or $4.60 per share, compared with $1.81 billion, or $4.14 per share, a year earlier. Adjusted earnings were $2.48 billion, or $6.06 per share, while revenue rose 11.9 percent to $6.39 billion from $5.71 billion last year. Despite the earnings growth, the stock has come under pressure following the results.

The stock has traded in a 52-week range of $244.28 to $422.95.