Adobe Shares Fall as Strategy Shift Raises Growth Concerns
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Adobe Systems Inc. fell the most in three months after the company said it plans to stop making Flash technology for mobile devices, raising concern that new programs for digital publishing will be slow to boost revenue.
The company, which is holding a meeting for analysts today in New York to discuss strategy, yesterday said it would cut 750 jobs as it shifts investment to software for Web publishing and advertising. Instead of Flash, Adobe is focusing on tools that can generate code in the newer HTML5 language, supported by rivals Apple Inc., Google Inc. and Microsoft Corp.