Adobe Inc ( ADBE ) shares are trading lower Thursday after the company reported first-quarter results and issued soft guidance. Multiple analysts also cut price targets following the print.

Q1 Revenue: $5.71 billion, versus estimates of $5.66 billion

Q1 EPS: $5.08, versus estimates of $4.97

Total revenue was up 10% year-over-year as digital media revenue grew 11% year-over-year and digital experience revenue jumped 10% year-over-year. Remaining performance obligations totaled $19.69 billion at quarter’s end.

"Adobe's success over the next decade will be driven by customer-focused innovation and new offerings for creators, marketing professionals, business professionals and consumers," said Shantanu Narayen, chair and CEO of Adobe. "Adobe is well-positioned to capitalize on the acceleration of the creative economy driven by AI and we are reaffirming our FY2025 financial targets."

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Guidance: Adobe sees second-quarter revenue of $5.77 billion to $5.82 billion versus estimates of $5.8 billion. The company expects second-quarter adjusted earnings of $4.95 to $5 per share versus estimates of $5 per share.

Adobe reaffirmed expectations for full-year 2025 revenue between $23.3 billion and $23.55 billion versus estimates of $23.5 billion. Adobe sees full-year adjusted earnings in the range of $20.20 to $20.50 per share versus estimates of $20.40 per share.

Analyst Changes:

Morgan Stanley analyst Keith Weiss maintained an Overweight and lowered the price target from $660 to $600.

Oppenheimer analyst Brian Schwartz maintained an Outperform and lowered the price target from $560 to $530.

Baird analyst Rob Oliver maintained a Neutral and lowered the price target from $500 to $490.

BofA Securities analyst Brad Sills maintained a Buy and lowered the price target from $605 to $528.

ADBE Price Action: Adobe shares were down 7.66% at $404.99 at the time of publication Thursday, according to Benzinga Pro.