Software company Adobe has announced it will not perform company-wide layoffs, bucking the trend that has impacted companies of every size.
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According to Gloria Chen (Chief People Officer of Adobe), Unlike other Silicon Valley tech giants, Adobe will not do any mass layoffs this year.
Adobe Focuses on Growth to Bolster Its Success
In an interview with Bloomberg Television, she said that “We are committed to not having company-wide layoffs.”
“We’re actually committed to continuing to grow here,” Gloria Chen said, as Adobe opened its fourth office, based in San Jose, California that has the capacity for 3,000 employees.
Source: Google
Why did Adobe lay off 100 members ?
A 100 members of Adobe’s sales team were laid off in December as a result of the challenging macroeconomic conditions worldwide.
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Adobe said that the company shifted some employees to positions that support critical initiatives” and removed “a small number” of other jobs.
“Adobe is not doing company-wide layoffs and we are still hiring for critical roles,” the software major had said in a statement.
Source: Adobe
Adobe’s Earnings Report
On March 15, Adobe will post its Q1 earnings results.
In the fourth quarter of its fiscal year 2022, the company’s revenue increased by 10% year over year to $4.53 billion.
In the fiscal year 2022, Adobe generated $17.61 billion in sales, an increase of 12% from the previous year.
“Adobe drove record revenue and operating income in fiscal 2022,” said Shantanu Narayen, chairman and CEO, Adobe. “Our market opportunity, unparalleled innovation, operational rigor and exceptional talent position us well to drive our next decade of growth.”
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