Adobe Inc. shares wavered in extended trading Tuesday after the software company reported better quarterly earnings and sales than expected, but offered a forecast that didn't quite live up to expectations. The maker of Photoshop and other professional software reported fiscal third-quarter profit of $792.8 million, or $1.63 a share, on sales of $2.83 billion, up from $2.29 billion a year ago. After adjusting for stock-based compensation and other costs, the company claimed earnings of $2.05 a share, up from $1.73 a share in the year-ago quarter. Analysts on average were expecting adjusted earnings of $1.97 a share on sales of $2.82 billion, according to FactSet. For the fourth quarter, Adobe targets adjusted earnings of $2.25 a share on sales of $2.97 billion. Analysts on average were expecting adjusted earnings of $2.30 a share on sales of $3.02 billion, according to FactSet. Adobe shares jumped 2% immediately after numbers were released, then fell to declines of more than 2% later in the after-hours session. Adobe shares are up more than 25% so far this year, while the S&P 500 index has gained 19.6%.
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