Adobe Systems 2Q Net Down 41% On Lower Sales
Adobe Systems Inc.’s (ADBE) fiscal second-quarter profit dropped 41% on lower sales and margins. Product sales, the bulk of Adobe’s revenue, declined 22%, while revenue from service and support slid 2.1%.
Earlier this year, Adobe also said it planned to cut around 600 jobs and undertake other cost-cutting measures to compensate for lower sales.
Source: WSJ
