DOW JONES NEWSWIRES
Adobe Systems Inc. (ADBE) cut its fiscal fourth-quarter earnings guidance, based on lower-than-expected revenue, and said it plans to cut 600 jobs, or about 8% of its worldwide work force.
Shares dropped 9% to $20.50 in after-hours trading.
The software maker cited weaker-than-expected demand for its new Creative Suite 4 family of products as the main reason for the lower revenue. "The global economic crisis significantly impacted our revenue during the fourth quarter," said Chief Executive Shantanu Narayen.
Adobe expects to take restructuring charges of $44 million to $50 million, related to the job cuts, with $28 million to $30 million to be recorded in the fourth quarter.
Adobe had 7,623 employees at the end of its third quarter, which ended Aug. 29.
The company now expects fourth-quarter earnings of 59 cents to 60 cents a share on revenue of $912 million to $915 million. The estimates include two favorable tax items: a current quarter catch-up related to the reinstatement of the U.S. research and development credit and a favorable tax court settlement, which increased earnings by 5 cents a share.
The company previously predicted earnings of 39 cents to 41 cents a share on revenue of $925 million to $955 million.
Analysts' latest estimates were for per-share earnings of 51 cents on revenue of $930 million, according to a poll by Thomson Reuters.
Adobe also predicted fiscal first-quarter revenue of $800 million to $850 million. Analysts are looking for $931 million.
Adobe is scheduled to report fourth-quarter results Dec. 16.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com
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(END) Dow Jones Newswires
December 03, 2008 17:52 ET (22:52 GMT)

Publié le 03 Décembre 2008 Copyright © 2008 Dowjones