Adobe to shed 750 jobs across Europe and the US

Adobe has announced plans to shed 750 jobs from offices in the US and across Europe to cut costs in two key divisions as tough economic conditions continue to hit the technology sector.

The company explained in a fourth-quarter trading update that the cuts will refocus Adobe's work in its digital media and digital marketing divisions, and cost $70m to $75m in severance packages.

"In order to better align resources, Adobe is restructuring its business. This will result in the elimination of approximately 750 full-time positions primarily in North America and Europe," said the company in a statement.

V3 contacted Adobe for more details about exactly where the cuts will be made, but the firm declined to offer any additional information.

Despite the cutbacks, Adobe said that it is on target to hit projected revenue earnings for the fourth quarter of $1.075bn to $1.125bn, but the firm's share price dropped during US trading after the cuts were announced.

Adobe is just one of many companies forced to shed workers in recent months in light of fluctuating economic conditions. Cisco axed 11,000 jobs worldwide in July, and Nokia has undergone several rounds of redundancies.

On Tuesday, Adobe issued an update to addresses vulnerabilities in its Shockwave Player for Windows and Mac OS X systems.

The company advised customers to install Shockwave Player version 11.6.3.633 to protect against attack, classifying it as a 'critical' update and warning that the flaw could allow an attacker to execute code on a targeted system.