Adobe just announced that it’s laying off 750 full-time employees. The stock is down more than 8% after hours on the news.
That’s a pretty big cut of about 8%: the company had 9,117 employees at the end of 2010, when it last reported headcount.
It’s not clear where the cuts will come from, but Adobe said it’s focusing more on the Digital Media and Digital Marketing parts of its business. A spokesperson said that the cuts will affect multiple groups and geographies but didn’t offer more detail.
Adobe reaffirmed its Q4 revenue guidance of between $1.1 and $1.2 billion, but lowered EPS estimates from between $0.41 and $0.50 to between $0.30 and $0.38 because of approximately $75 million in restructuring costs during the quarter. Total restructuring costs could be as high as $94 million.
The stock is down more than 8% after hours on the news.