Adobe Posts Strong Earnings. Why It Wasn’t Enough to Boost the Stock.

Adobe‘s fiscal third-quarter earnings and sales beat expectations, but the results weren’t enough to send shares higher in extended trading.

For the quarter ended Sept. 3, Adobe (ticker: ADBE) reported revenue of $3.94 billion, up 22% year over year. It was a quarterly sales record for the creative-software company, topping Wall Street’s consensus estimate of $3.89 billion, according to FactSet. Non-GAAP earnings of $3.11 a share also beat consensus estimates at $3.01 a share.

But…