Adobe is on track to meet its financial forecast for its first quarter 2003, the company announced yesterday.
The company expects to record revenues of between $275-$290 million in this quarter, which ends on February 28. Shareholders should expect earnings per share of $0.21-$0.23, the company said. Adobe will announce its results on March 13.
Despite this relatively optimistic news, Adobe shares fell 29 cents during yesterday's trade, closing at $26.42.
Apple lost 61 cents (4.09 per cent) during the day closing at $14.32; Macromedia saw 50 cents (3.47 per cent) trimmed off its value to close at $13.89; Microsoft shares fell 3.35 per cent to close at $48.24; while Corel gained one cent. closing at 80 cents per share.
The Nasdaq tech index closed down 2.78 per cent overall (losing 35.71 points) at 1,322.35 yesterday.
Despite continued low interest-rates in some territories, particularly the US, financial markets worldwide continue to suffer, as the slow market combines with the threat of war and associated terrorist violence to create an unstable economic outlook.