X

Adobe to ax 750 jobs in restructuring

Software company's shares fall after announcing it will take a $94 million charge to focus on digital media and marketing.

Steven_Musil2.jpg
Steven_Musil2.jpg
Steven Musil Night Editor / News
Steven Musil is the night news editor at CNET News. He's been hooked on tech since learning BASIC in the late '70s. When not cleaning up after his daughter and son, Steven can be found pedaling around the San Francisco Bay Area. Before joining CNET in 2000, Steven spent 10 years at various Bay Area newspapers.
Expertise I have more than 30 years' experience in journalism in the heart of the Silicon Valley.
See full bio
Steven Musil

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.