That’s a pretty big cut of about 8% of its work force. The company had 9,117 employees at the end of 2010, when it last reported headcount.
It’s not clear where the cuts will come from, but Adobe said it’s focusing more on the Digital Media and Digital Marketing parts of its business.
Adobe has become a casualty of the Apple War. Apple is reinventing the tech industry like it did the mobile industry. To understand what is happening to the PC and tech industry, look no further than the mobile industry. In the last three years, $200 billion in market capitalization has been lost from Nokia, RIM, Motorola, and Palm. Where did it go?
Meanwhile, Adobe reaffirmed its Q4 revenue guidance of between $1.1 and $1.2 billion, but lowered EPS estimates from between $0.41 and $0.50 to between $0.30 and $0.38 because of approximately $75 million in restructuring costs during the quarter. Total restructuring costs could be as high as $94 million.
Its stock is down more than 13% pre-market on the news.Channels: Adobe, Apple