Welcome to Microsoft Pri0: That's Microspeak for top priority, and that's the news and observations you'll find here from Seattle Times reporter Sharon Chan.
December 3, 2008 2:04 PM
Posted by Benjamin J. Romano
Adobe today announced a restructuring program that will cut 600 full-time positions globally, about 7.8 percent of its work force. We know of at least one person laid off in Seattle today, where the company had 500 employees at last check. The company did not provide specifics, but a spokesperson noted that "the impact is across the board -- all regions, business units and/or functional areas are being impacted in some way."
"The restructuring will result in anticipated pre-tax charges totaling approximately $44 million to $50 million. The company expects approximately $28 million to $30 million of the restructuring charges to be recorded in the fourth quarter of fiscal year 2008," it said in a press release.
The company lowered its fourth-quarter revenue guidance to a range of $912 million to $915 million, down from $925 million to $955 million.
"The global economic crisis significantly impacted our revenue during the fourth quarter," Shantanu Narayen, president and chief executive officer, said in the release. "We have taken action to reduce our operating costs and fine-tune the focus of our resources on key strategic priorities."
In particular, Adobe cited "weaker-than-expected demand" for Creative Suite 4, which started shipping this quarter.
Last time I checked (April of 2007) Adobe had about 500 employees in Seattle out of 6,700 worldwide. I've asked for an updated head count figure.
Update, 2:24 p.m.: The global work force at the end of the third quarter was 7,623.
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