By Will Feuer

Adobe Inc. issued fourth-quarter revenue guidance that fell below Wall Street expectations, citing foreign-exchange headwinds tied to the runup in the U.S. dollar.

The software maker said it expects current-quarter revenue to come in at $4.52 billion, which would mark growth from $4.11 billion reported a year earlier. Still, analysts surveyed by FactSet expected fourth-quarter revenue of $4.60 billion.

The company said it expects its digital-media business to grow revenue by 10%, or 14% on a constant-currency basis, while digital-experience and digital-experience-subscription revenue are both expected to grow 13%, or 15% on a constant-currency basis.

Earnings are expected to be $2.44 a share for the current quarter. Adjusted for stock-based compensation, amortization and other one-time items, adjusted earnings are expected to be $3.50 a share, topping Wall Street estimates for $3.47 a share.

In addition to foreign-exchange effects, Adobe said its outlook also accounts for the overall macroeconomic environment, and "typical year-end seasonal strength in demand for our offerings."

Shares of Adobe fell almost 9%, to $339.25, in premarket trading.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

September 15, 2022 08:55 ET (12:55 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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