Adobe Inc ADBE shares are down despite reporting record third-quarter revenues.

Third-quarter earnings came in at $2.05, beating estimates by 8 cents. Sales came in at $2.83 billion, beating estimates by $10 million. The company sees fourth-quarter adjusted EPS at $2.25 versus a $2.30 Estimate and sales of $2.97 billion versus a $3.03 billion estimate.

"Customers across every industry continue to rely on Adobe to run their businesses, transform how they work, and bring their creative ideas to life as reflected in our record Q3 results," said President and CEO Shantanu Narayen. "We're excited for the opportunities in front of us and confident in our ability to drive strong top-line and bottom-line growth."

Highlights

• Record quarterly revenue of $2.83 billion, growing 24% year-over-year
• Digital media segment revenue of $1.96 billion, growing 22% year-over-year
• Creative revenue grew to $1.65 billion
• Digital media annualized recurring revenue grew to $7.86 billion

Adobe shares fell 2.4% in Tuesday's after-hours session. The stock closed at $284.69 per share.