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Adobe layoff nearly 100 employees to reduce expenses
Adobe layoff nearly 100 employees to reduce expenses
Adobe said in a statement, "Adobe is not doing companywide layoffs, and we are still hiring for critical roles."
According to reports, Adobe has laid off nearly 100 employees, mainly from the sales team. The cuts were made to reduce spending, though the scale is much smaller compared to the thousands of job cuts at Amazon, Meta and Twitter. The company employed nearly 28,700 workers, according to its third-quarter 2022 financial report. Adobe is not the only technology company tightening its grip amid uncertain macroeconomic conditions. Not only Adobe but also some Indian tech companies like Byju's, HealthifyMe and josh have also laid off hundreds of employees in recent weeks.
As reported by Bloomberg, Adobe is offering opportunities for affected workers to find other positions with the software company. In a statement to the publication, Adobe said the company has "moved some employees to positions supporting critical initiatives" and eliminated a few other jobs.
The statement reportedly adds: "Adobe is not doing companywide layoffs, and we are still hiring for critical roles."
Most notably, Adobe announced in September that the company would buy Figma, a leading collaborative design platform for the web, for around $20 billion in cash and stock. During the acquisition, the company said that the combination of "Adobe and Figma will usher in a new era of collaborative creativity." Given that its main tools are focused on creators and professionals, the company hopes to reach small-scale firms with the acquisition.
However, the deal is under investigation by the US Department of Justice for antitrust violations. It's unclear if the company will lay off more employees in the coming weeks and months. The company is scheduled to report fiscal fourth-quarter results on December 15.
