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Adobe forecasts first-quarter revenue below estimates

Dec 12 (Reuters) - Adobe Inc forecast first-quarter revenue below Wall Street expectations on Thursday, as the Photoshop-maker faces intense competition in a fast-growing cloud market.

The company expects revenue of about $3.04 billion, while analysts’ are expecting $3.09 billion.

The company’s net income rose to $851.9 million, or $1.74 per share, in the quarter ended Nov. 29, from $678.2 million, or $1.37 per share, a year earlier.

Total quarterly revenue rose about 21% to $2.99 billion. Analysts were expecting revenue of $2.97 billion, according to IBES data from Refinitiv. (Reporting by Ambhini Aishwarya in Bengaluru; Editing by Shailesh Kuber)

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