Adobe Systems Plans to Cut 5% of Its Work Force
Associated Press
Adobe Systems Inc. said it will lay off about 150 people, or about 5% of its worldwide work force, and warned it is lowering revenue and earnings targets for the current quarter and fiscal year 2002.
Before the announcement, Wall Street analysts were expecting the San Jose-based company to earn 26 cents a share for its fiscal quarter ending Nov. 1, according to Thomson Financial/First Call. The company plans to release its first-quarter results on Dec. 14.
Shares of the desktop publishing software maker fell $1.59, or more than 5%, to close at $28.75 on Nasdaq. In after-hours trading, the stock fell $1.75 to $27.
