In late trading yesterday, Adobe lost 15 per cent of its market capitalization – or $8.38 per share – to close at $44.38.
This followed Adobe's warning that revenues could be down when it reports its first-quarter results on March 15. Adobe CEO Bruce Chizen confirmed that his company has also been affected by the US economic slowdown.
The slowdown was further confirmed when Amazon.com announced that it is to cut 1,300 jobs –15 per cent of its workforce – in an effort to turn a profit by the end of the year. The company announced a smaller-than-expected fourth-quarter loss of 5.9 per cent, to close at $18.9375.
Apple yesterday bucked the industry trend, closing at $21.75, a climb of 0.29 per cent on the day. This followed predictions from the Multimedia Research Institute, claiming that PC sales in Japan will rise by 21 per cent during 2001.
Macworld Expo, Tokyo, Japan begins on February 22.