Adobe Systems made a small profit in its third quarter results despite lower revenues as it works to shrug off charges caused by recent staff cuts.
The graphics software vendor was hit by a restructuring charge of $37.1 million, which related to previously announced layoffs of 350 staff, or 12 per cent of its workforce, for the third quarter ending 28 August. Without the charge, profits were $25.2 million, or 37 cents a share, beating Wall Street's estimates by two cents. With the charge, net income was $152,000 or less than a penny a share.
Revenue slid down 3.1 per cent, from $230 million in the same period last year, to $222.9 million. Adobe said sales in Japan had been hit particularly hard, falling 42 per cent year on year.
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