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Adobe cuts 150, lowers sales forecasts

Added:
Oct 31, 2001

The job cuts will reduce its worldwide workforce of 3,100 by about 5%, but it is unclear where the axe will fall. The company will notify employees by 8 November.

The company predicted revenue of around $1.3bn for the fiscal year ending in November, compared to previous analyst forecasts of $1.4bn. For Q4, the company expects revenue to be between $275m and $285m, down on an already reduced estimate of between $310m and $320m and the lowest forecast for Q4 sales since 1998.

Adobe executives said that software sales to designers of books, newspapers and magazines had been hit hardest, although sales of its Acrobat internet publishing software had been strong.

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