Adobe Stock Falls 12% On Q1 Earnings Report

(RTTNews) - Adobe Inc. (ADBE) is trading at $384.00, down 12.26 percent or $53.76, following the release of its latest earnings report for the first quarter. The company reported total revenue of $5.71 billion, up from $5.18 billion in the prior year.

The stock opened at $405.27 and has traded between $384.41 and $405.27 so far today, compared to a previous close of $438.60 on the Nasdaq. Current trading volume is 6.24 million shares, surpassing the average volume of 3.67 million. The stock's 52-week range is $384.41 to $587.75.

Net income also rose sharply to $1.81 billion from $620 million in the same period last year.