Adobe won’t do mass layoffs

San Francisco: Bucking the layoff trend that has hit companies across the spectrum, software major Adobe has said it will not perform company-wide layoffs.

Unlike other Silicon Valley tech giants, Adobe will not do any mass layoffs this year, according to its Chief People Officer Gloria Chen. 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," Chen said, as Adobe opened its fourth office, based in San Jose, California that has the capacity for 3,000 employees. In December, Adobe laid off some 100 employees from its sales team amid the rough global macroeconomic conditions.

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.

Adobe will post its Q1 quarterly earnings results on March 15. The company achieved revenue of $4.53 billion in its fourth quarter of fiscal year 2022, which represents 10 per cent year-over-year growth.

Adobe achieved revenue of $17.61 billion in fiscal year 2022, which represents 12 per cent year-over-year growth. "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."