SAN FRANCISCO (MarketWatch) - Adobe Systems (ADBE 28.98, -3.96, -12.02%) on Tuesday reported a fiscal third-quarter profit of $230.1 million, or 44 cents a share, compared with a profit of $136 million, or 26 cents a share, for the year-earlier period. Revenue was $990.3 million, up from $697.5 million. Adjusted income was 54 cents a share. Analysts had expected the software company to report earnings of 49 cents a share, on revenue of $985.9 million, according to a consensus survey by FactSet Research. For the current quarter, the company said it expects revenue of $950 million to $1 billion.
This blurb does not explain what just happened. See this link for a chart: http://www.marketwatch.com/story/adobe-reports-69-profit-jump-2010-09-21?dist=afterbell
Some information has caused this stock to drop and it's not yet reported in the news. Does anyone have insight into what may have happened? This can't be explained by the analysts missed target, the market capitalization is to large to account for this swing. Yes, Nasdaq went down as did the entire technology sector but Adobe did worse than these after reporting huge revenue and profitability growth.