Adobe Systems said today it would cut 750 positions and take a $94 million charge as part of a restructuring to focus on digital media and marketing.
Adobe shares fell nearly 9 percent, or $2.67, to $27.75 in after-hours trading as the company also lowered its earnings-per-share target for its fiscal fourth quarter. Based on the restructuring charge, Adobe expects fiscal fourth-quarter GAAP-diluted earnings per share to be in the range 30 cents to 38 cents a share, compared with a previous target of 41 cents to 50 cents a share.
"We expect to report record revenue within the fourth quarter target range we previously issued," Adobe Chief Financial Officer Mark Garrett said in a statement.
The San Jose, Calif.-based software company reaffirmed that it still expects to post fourth-quarter revenue to be in the range of $1.075 billion to $1.125 billion.