Yahoo Finance Adobe Cuts 100 Jobs Concentrated in Sales as Tech Tightens Belt
(Bloomberg) -- Adobe Inc. has eliminated about 100 jobs, concentrated in sales, joining many other tech companies in using staff cuts to reduce expenses.
Most Read from Bloomberg
US Says Scientists Make Breakthrough in Nuclear Fusion Energy
Sam Bankman-Fried Arrested in Bahamas as US Files FTX Charges
Keystone Has Leaked More Oil Than Any Other Pipeline in US Since 2010
Some of the employees who lost their jobs were given the opportunity to find other positions at the software company, according to a person familiar with the situation who wasn’t authorized to speak publicly about the cuts. Adobe’s workforce reductions are far smaller than the thousands announced by other technology companies, including Amazon.com Inc., HP Inc., Cisco Systems Inc. and Meta Platforms Inc. The company, based in San Jose, California, employed more than 28,700 people at the end of the fiscal third quarter on Sept. 2, according to filings.
The company “shifted some employees to positions that support critical initiatives” and wiped out “a small number” of other jobs, Adobe said in a statement.
“Adobe is not doing companywide layoffs and we are still hiring for critical roles,” the company said.
For more: Adobe’s Plan for Transformation Hinges on DOJ Nod on Figma Deal
Adobe announced in September an agreement to purchase smaller rival Figma Inc. for $20 billion, one of the largest prices ever paid for a private software maker. The US Department of Justice is investigating the deal for potential antitrust issues. Adobe, which has dominated the market for creative software for design professionals, is seeking to expand its user base to more casual consumers and small businesses.
The company is scheduled to report fiscal fourth-quarter results on Dec. 15. The stock has tumbled 42% this year amid a broad slump in the software industry.
Most Read from Bloomberg Businessweek
TikTok’s Problem Child Has 7 Million Followers and One Proud Mom
The US’s New Approach to Venezuela Is Starting to Bear Fruit
The Viral List That Turned a Yale Professor Into an Enemy of the Russian State
©2022 Bloomberg L.P.
