Adobe slashes 100 jobs to cut cost – ahead of $20 bn Figma deal

Adobe has slashed about 100 jobs to reduce its expenses, Bloomberg news report said.
Adobe at a trade eventAdobe reportedly said it is not doing company-wide layoffs and it is still hiring for critical roles.

The company shifted some employees to positions that support critical initiatives and wiped out a small number of other jobs.

Adobe is in the process of acquiring Figma in a deal valued at around $20 billion – in cash and stock.

Figma’s innovative technology platform will accelerate Adobe’s R&D roadmap including the delivery of our Creative Cloud technologies on the web, which will allow Adobe to focus and manage future R&D investments.

Adobe has achieved record revenue of $4.43 billion (+13 percent) in its third quarter of fiscal year 2022. Adobe has reported operating income of $1.48 billion for its third quarter fiscal year 2022 ended Sept. 2, 2022.