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Adobe warned today of a sales shortfall for the current quarter and announced a drastic restructuring program to reduce expenses.
The San Jose, Calif., company will cut 600 jobs - about 8 percent of its workforce - estimating total restructuring charges between $44 million to $50 million.
For the current quarter, Adobe now expects revenues to be between $912 million to $915 million, a bit lower than the previous range of $925 million to $955 million.
Adobe's next quarter revenues might fall 20% over last year
But more worrisome however is the steep drop - nearly 20% - the software maker is now expecting for next quarter's revenues, falling $800 million to $850 million compared to last year's $890.4 million.
Adobe cited weaker-than-expected demand for its new Creative Suite 4 family of products that began shipping in Q4 in North America and Europe as the main cause for the shortfall in fourth quarter revenue.
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