Late on Wednesday, maker of graphics and Web-design software, Adobe Systems Inc. (NASDAQ: ADBE) issued fourth quater revenue guidance that missed analyst estimates. For the fiscal fourth quarter ended Nov. 28, the San Jose, California- based company expects revenue of $912-915 million, down from its earlier forecast of $925-955.Analyst on an average were looking for the company to post revenue of $926.8 million. The company expects to post earnings in the range of 45 cents to 46 cents in the fourth quarter, up from its previous projection of 39 cents to 41 cents. Excluding one time charges, net income was 59 cents a share. Analysts on average were predicted fourth quarter earnings of 51 cents. However, the company acknowledged that the earnings guidance includes two favorable tax impacts that increased estimates by about 5 cents.

For the fiscal first quarter, Adobe expects revenue of $800 to $850 million, with GAAP operating margin of 26%-28%, and non-GAAP margins of 37%-38%. Consensus estimates were for first quarter revenue of $931.2 million.

In a statement, chief executive Shantanu Narayen said "the global economic crisis significantly impacted our revenue during the fourth quarter." He added "we have taken action to reduce our operating costs and fine-tune the focus of our resources on key strategic priorities."

The company did not divulge details, but a spokesperson asserted that "the impact is across the board -- all regions, business units and/or functional areas are being impacted in some way."

Adobe specifically blamed "weaker-than-expected demand" for Creative Suite 4, for the fall in revenue. Officially released on October 15, 2008 Creative Suite 4 is an improvement on its earlier version and is a collection of a collection of graphic design, video editing, and web development applications consisting of Adobe's various applications (e.g., Photoshop, Acrobat, InDesign).  President and CEO Shantanu had dubbed the launch of Creative Suite 4 as the "Adobe's biggest software release to date."

Adobe also announced that it has taken steps "to reduce its headcount by approximately 600 full-time positions globally." The layoff amounts to roughly 8% of total workforce of 7,623.

In a statement the company said "the restructuring will result in anticipated pre-tax charges totaling approximately $44 million to $50 million. The company expects approximately $28 million to $30 million of the restructuring charges to be recorded in the fourth quarter of fiscal year 2008,"

The company will be offering more details on Dec. 16 during its regular earnings conference call.

Shares of Adobe Systems plunged over 7% in extended trading.

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