Adobe Systems to cut jobs
Adobe Systems Inc. released better-than-expected preliminary earnings for the fourth quarter, but said it would cut 600 jobs, or 8% of its workforce, because of slower revenue growth.
The San Jose software company said it expected earnings of 45 to 46 cents a share, compared with 49 cents a year earlier. Excluding certain items, Adobe expects to earn 59 to 60 cents a share. Analysts projected 51 cents, according to Thomson Reuters.
Adobe said revenue would be $912 million to $915 million, up from $911 million a year earlier but below the average analyst estimate of $930 million.
Its shares rose 54 cents, or 2.5%, to close at $22.54 but fell $1.56, or 6.9%, to $20.98 in late trading after the release of the outlook.
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