Nov 19 · 1:15:00 PM · Source: CNet

CNET is reporting that Adobe Systems expects to cut 680 full-time employees, or about 9 percent of its global workforce, as the company tries to align costs in the face of lagging sales. In September, Adobe reported that its fiscal third-quarter profit fell 29 percent amid declining sales.
Sales are down 38% through the 3rd quarter of 2009 compared to 2008. Adobe currently has a PE of 38, which seems very high for a company whose sales are declining at that pace.

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by Rich Pike