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."
The company cited weaker-than-expected demand for its new Creative Suite 4 family of products that began shipping in the fourth quarter in North America and Europe as the main cause for the shortfall in fourth-quarter revenue.
Adobe also announced a restructuring, resulting in the loss of 600 jobs, or 8 percent of its work force.
Moreover, the restructuring will result in anticipated pre-tax charges totaling approximately $44 million to $50 million, Adobe officials said. The company expects approximately $28 million to $30 million of the restructuring charges to be recorded in the fourth quarter of fiscal year 2008.
Meanwhile, according to published reports, Adobe will not be exhibiting on the show floor at the Macworld Conference & Expo 2009 to be held in January.