Adobe to Cut Jobs to Cope with Sales Slump (ADBE)
By Ted Friedman
November 10, 2009 7:32 PM
November 10, 2009 7:32 PM
Adobe Systems Inc. (NASDAQ: ADBE) announced their plans to cut 680 jobs or 9% of the total workforce as the largest provider of Graphics and Design Program struggle against weakening sales. Adobe CEO, Shantanu Narayen, said that the company is coping with the slow down in demand from Advertisers and Creative Professionals.
In their third quarter financial report, Adobe Systems Inc. announced that the revenue from products sales was $838.81 million, an increase compared to the third quarter revenue results the previous year.
The reduction of 680 jobs in Adobe follows the cutting of 600 jobs the previous year or 8% of the total workforce of Adobe the previous year.
Shares of ADBE gained 0.41% to $36.60.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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