forecast was .60 new estimate = 30 to 38 ! this is a catastrophic drop in earnings not 5 cents not 10 but up to 30 cents or 50% ! and revenues to be only 4 % 6% for FY12 ! IMO this is going under 25 !!
well, cut expectations, cut the employees and I guess the street or analysts did not appreciate that at all. like taking a torpedo in the engine room....What Adobe needs to do, no BS here, Adobe needs to 86 the engineer running the company and get a business man in there. What is wrong with the board, lets keep this self proclaimed engineer at the helm until he runs us into the ground. Time for a new CEO.
NOT True. More like 25% The news is bad enough. Don't make it worse. :-)
SAN FRANCISCO (MarketWatch) - Adobe Systems /quotes/zigman/67665/quotes/nls/adbe ADBE -8.97% on Tuesday said it is cutting about 750 jobs, mainly in North America and Europe as part of a restructuring of the company. The company said it expects to record about $87 million to $94 million in pre-tax restructuring charges. As a result of the move, the company said it expects GAAP diluted earnings per share to be in the range 30 cents to 38 cents a share, compared to a previous expected range of 41 cents to 50 cents a share. Adobe share were down 7% in after-hours trading.