Unhappy holidays are ahead for 8 percent of Adobe's workforce. That translates to 600 full-time employees who, instead of receiving a Christmas bonus, will instead be handed a pink slip.
The news comes amid lackluster fourth quarter earnings, which the company said would be between $912 million to $915 million, less than the $925 million to $955 million from its previous outlook. It's also less than what Wall Street was predicting, which had the company pegged to pull in $930 million.
Adobe blamed the situation on weaker than expected demand for its Creative Suite 4 (CS4), calling it "the main cause for the shortfall in fourth quarter revenue." It all leads to restructuring for Adobe, and the company said it would take $44 million to $50 in pre-tax charges.
But Adobe has its work cut out for it, as 2009 doesn't look to be shaping up any better. The company is currently projecting revenue for Q1 2009 to be between $800 million to $850 million. Meanwhile, Wall Street had predicted the company would fare a bit better to the tune of $846 million to $1.02 billion.