Adobe Cuts 600 Jobs, Warns of Shortfall Amid Financial Crisis
Design tools maker Adobe announced preliminary results much lower than expected for its fourth quarter, prompting a restructuring and the elimination of 600 jobs. Adobe officials said weak demand for the company's Creative Suite 4 family of products ?ö?ç?? which just began shipping during the quarter -- hurt fourth-quarter results.Adobe Systems provided preliminary financial results for its fourth quarter and said the company has fallen short of projects and will eliminate 600 jobs. Adobe, maker of popular design and development tools for creative professionals, said preliminary results for the fiscal fourth quarter ended Nov. 28 show revenue of between $912 million and $915 million, well below the $925 million to $955 million the company projected.
"The global economic crisis significantly impacted our revenue during the fourth quarter," said Shantanu Narayen, the company's chief executive, in a statement. "We have taken action to reduce our operating costs and fine-tune the focus of our resources on key strategic priorities."