Adobe's guidance for its fiscal first quarter badly missed analysts' estimates, sending the stock down more than 10%.
The stock plummeted more than 10% and was on pace for its second-worst day in the past decade.
The stock is on pace for its second-worst drop in the past decade, surpassed only by a 15% slide in mid-March of last year, when coronavirus panic rattled the markets. Adobe's three worst days of the year have come in December, pushing the stock down 16% for the month and putting it on pace for its steepest monthly decline since June 2010.revenue in its fiscal first quarter, which goes through Feb. 2022, will be $4.23 billion, trailing analysts' predictions for revenue of $4.
In the fourth quarter, Adobe said revenue climbed 20% to $4.11 billion, which beat estimates, led by 21% growth in the company's digital media segment.
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