Adobe cutting 750 jobs

Adobe announced Tuesday that it is cutting 750 jobs, nearly eight percent of the workforce at the US software maker. Adobe said it is eliminating the positions in North America and Europe as part of a restructuring that will see the company devote more resources to digital media and digital marketing solutions. The San Jose, California-based Adobe said it expects the move to result in restructuring charges of between $87 million and $94 million. "Adobe is doubling down in the digital media and digital marketing categories, markets rich with opportunities for innovation and growth," Adobe president and chief executive Shantanu Narayen said. "In digital media, the company is the industry leader in content authoring solutions, enabling customers to create, distribute and monetize digital content," Adobe said in a statement. "In digital marketing, the company intends to be the leader in solutions to manage, measure and optimize digital marketing and advertising," it said. Adobe said it expects to achieve its fourth quarter revenue target of between $1.075 billion and $1.125 billion. Adobe is to release its fourth quarter earnings on December 15. Founded in 1982, Adobe is the maker of popular and widely used products such as Photoshop, Premiere video editing software, PDF electronic documents and the Flash video player.