Adobe To Cut About 680 Full-time Jobs
NEW YORK (AP) ¿ Adobe Systems said Tuesday it is cutting 680 full-time jobs, or about 9 percent of its work force, to align costs with its fiscal 2010 budget.
Adobe Systems Inc., the maker of Photoshop, Flash and Acrobat software products, said it will record pretax charges of $65 million to $71 million as a result of the cuts.
The job cuts relate only to Adobe employees before the company, based in San Jose, Calif., bought Omniture Inc. in October.
Adobe also cut 9 percent of Omniture's work force when that deal closed. That amounted to about 108 jobs.Adobe's job cuts come the day after Sprint Nextel Corp. announced it is slashing 2,000 to 2,500 jobs and video game company Electronic Arts Inc. said it is cutting 1,500. Adobe's shares closed up 15 cents at $36.60 Tuesday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV