AdobeThe software company reduced its estimates for fiscal year in order to take into account the effects of Russia’s halting sales, causing shares to fall by 10%

Adobe stated on March 4The quarter’s first day, it announced that Russia was going to stop selling new products in Belarus and Russia following Russia’s invasion Ukraine. The fiscal year ended in its fiscal first-quarter earnings reportAdobe stated that its fiscal 2022 forecast for annual revenue recurring revenues was being reduced by $75 million due to regional pullbacks after Tuesday’s close.

Adobe plans to continue selling products in Ukraine. However, the company has reduced its Digital Media ARR by $12 million. This equates to a $87 million reduction. It is projecting revenue of $4.34Billion for fiscal year.

In response to Adobe’s new numbers, analysts from Deutsche Bank and Piper Sandler have lowered the price targets for the stock. Piper Sandler’s price target was $545, while Deutsche analysts raised it to $660.

Adobe is experiencing a second consecutive double-digit decline in its revenue over the last three months. In DecemberAfter the company issued a second-quarter forecast, which was lower than expected estimates, shares fell. At mid-day Wednesday, the stock was down 39% from its November high to $420.31.

Adobe’s quarterly revenue was better than anticipated, despite the forecast.