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Wednesday, November 11, 2009
Adobe to Cut 9% of Workforce
By Ken Sweet
FOXBusiness
Creative arts software company Adobe Systems (ADBE) said late Tuesday that it will cut approximately 600 positions, or 9% of its workforce, as the company enters 2010.
Adobe said the job cuts would come across all of the company’s divisions worldwide, however half of the cuts will happen in the San Francisco area, a spokesman told Dow Jones. The company will take a $65 million to $71 million one-time charge on its fourth-quarter earnings as part of the restructuring.
The creator of Flash, Photoshop and InDesign goes through large swings in profitability as the company releases new version of its fairly-expensive software.
Shares of Adobe were down to $35.80 in the pre-market session after closing at $36.60 on Tuesday.






