Adobe to cut 750 jobs as part of restructuring plan

Software giant will pay up to $75m in employee severances

Adobe is to cut 750 jobs in Europe and the US as part of a restructuring plan that will see it reduce investment in several enterprise product lines.

The restructure will also see the company focus more on digital media and digital marketing.

After the cuts were announced, the firm's share price dropped considerably.

The cuts were announced during the company's fourth-quarter trading update, during which the company said that it is likely to hit revenue earnings of between $1.075 to $.1.125 as projected despite costs for employee severances amounting to between $70m and $75m.

Adobe declined to comment on the job losses.

The job cuts in the technology sector have increased signficantly due to the economic downturn. In July, Cisco announced 11,000 job cuts and RIM announced another 2,000.