Shares of Macromedia dipped 30 percent Thursday, the day after the company cut its revenue growth target for the year, according to a Reuters article. Revenue for the fiscal year ending March 31 is expected to increase by 5-10 percent instead of the 10-20 percent previously forecast.
Reuters said that part of the downgraded expectations was slower-than-expected sales of the Studio MX 2004 suite. Macromedia began shipping Macromedia Studio MX 2004 on Sept. 20. The suite includes updates of Macromedia Flash, Dreamweaver and Fireworks. Studio MX 2004 is also available with Macromedia Flash MX Professional 2004 for advanced developers.
Macromedia set third-quarter revenue between US$85 million to $95 million, lower than analysts’ estimate of $99 million, according to Reuters Research, a unit of Reuters Group Plc.