Hit by crisis, Adobe to cut 600 jobs
Submitted by Steven on Wednesday, 3 December 2008No Comment
Citing “weaker-than-expected demand” for its new CS4 suite and the global economic crisis, Adobe Systems announced today it would cut some 600 jobs, reducing its global workforce of more than 7,000 by about 8 percent.
The company fell $10 million short of its anticipated fourth-quarter revenue, according to the financial report Adobe released today in which they announced the layoffs.
“The global economic crisis significantly impacted our revenue during the fourth quarter,” said Shantanu Narayen, president and chief executive officer. “We have taken action to reduce our operating costs and fine-tune the focus of our resources on key strategic priorities.”
Visit Adobe’s Web site to read the company’s press release on the matter.
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