Adobe to cut 750 jobs, trims 4Q profit outlookNovember 8th, 2011 in Technology / Business
(AP) -- Software maker Adobe says it is laying off 750 workers to better align the company around what it calls digital media and marketing opportunities.
The cuts are primarily in North America and Europe.
Adobe Systems Inc. also slashed its fourth-quarter earnings guidance.
It made the announcement Tuesday.
Due to restructuring charges, the company now expects net income of 30 cents to 38 cents per share in the quarter that ends Dec. 2. Earlier, it had forecast earnings of 41 cents to 50 cents per share.
It left its quarterly revenue guidance unchanged at $1.075 billion to $1.125 billion.
Shares fell $2.02, or 6.6 percent, to $28.40 in after-hours trading. They closed up 50 cents, or 1.7 percent, at $30.42 in the regular session.
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"Adobe to cut 750 jobs, trims 4Q profit outlook." November 8th, 2011. http://phys.org/news/2011-11-adobe-jobs-trims-4q-profit.html