Adobe Lowers Guidance, Plans Job Cuts

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Adobe

(ADBE) - Get Report

said fourth-quarter and 2002 earnings will be below previous estimates, citing weak demand.

The San Jose, Calif., software maker also plans to cut 150 jobs, or 5% of its workforce.

For the fourth quarter ending Nov. 30, Adobe expects to earn a pro forma 20 to 22 cents a share, below the consensus forecast of 26 cents, on revenues of $275 million to $285 million. For 2002, the company expects to earn $1.03 a share on revenue of $1.3 billion; analysts had been expecting earnings of $1.22 a share.