Adobe to eliminate 600 jobs worldwide
Adobe on Wednesday announced plans to cut approximately 600 full-time jobs in response to less-than-anticipated earnings for its fiscal fourth quarter of 2008.
In its preliminary financial results (PDF link), Adobe said demand for its Creative Suite 4 products was weaker than expected, and suggested the economy was a factor in the company's revenue shortfall. Adobe's CS4 products—featuring an overhaul of most of its tools for creative professionals—began shipping in October.
“The global economic crisis significantly impacted our revenue during the fourth quarter,” said Shantanu Narayen, Adobe's president and CEO in the company's press release. “We have taken action to reduce our operating costs and fine-tune the focus of our resources on key strategic priorities.”
Adobe had targetted between $925 million and $955 million for revenue in the quarter ending on November 28, 2008, but said that preliminary financial information indicates a range of $912 million to $915 million. Analysts had estimated revenue of $930 million.
The company has implemented a restructuring program, which includes the elimination of about 600 jobs worldwide.
Adobe will announce final earnings for the quarter on December 16, 2008.