Shares of Adobe (ADBE) are down $2.81, or 9%, at $27.61 after the company this evening said it will restructure its business, including cutting 750 full-time jobs, mostly in North America and Europe.
Adobe plans to focus on and invest “aggressively” in “digital media” and “digital marketing,” it said. It will invest less in development of products for enterprise customers, the company said. That will reduce 2012 revenue growth by 4 to 5 percentage points, the company said, for total revenue growth of 4% to 6%.
Adobe expects revenue growth to return to double digits after 2012, it said. Further details on the restructuring can be found in the company’s separate press release.
Adobe also reaffirmed a Q4 outlook for $1.075 billion to $1.125 billion in revenue, but cut its EPS estimate to a range of 30 cents to 38 cents per share, down from a prior range of 41 cents to50 cents per share.
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