“Shares of Adobe Systems tumbled Wednesday after the software maker unveiled 750 job cuts as well as a plan to stop development of its Flash player software for mobile devices,” Benjamin Pimentel reports for MarketWatch. “Adobe was down 7% to $28.27 in afternoon trading.”

“In the blog, Danny Winokur, general manager of interactive development, wrote that while Flash has ‘enabled the richest content to be created and deployed on the Web by reaching beyond what browsers could do,’ HTML 5 ‘is now universally supported on major mobile devices, in some cases exclusively,'” Pimentel reports. “Last year, Adobe’s Flash platform drew sharp criticisms from Steve Jobs, the late CEO of Apple Inc. AAPL -1.93% , who called the technology flawed and said it didn’t work well with Apple devices.”

Pimentel reports, “Adobe said its workforce reduction would be part of a revised strategy focused on digital media and digital marketing.”

Read more in the full article here.

MacDailyNews Take: Adobe CEO Shantanu Narayen believed his firm didn’t need Apple, the iPhone, or the iPad.

He thought wrong.

Sleep tight, Shantanu.

Related articles:
Adobe ceases development on Flash Player for mobile, refocuses efforts on HTML5 – November 9, 2011
Study: iOS users view 80% of mobile video – May 23, 2011
Apple CEO Steve Jobs was right about Adobe’s Flash – May 2, 2011
Adobe CEO Shantanu Narayen believes his firm doesn’t need Apple or the iPad – August 16, 2010
Steve Jobs posts rare open letter: Thoughts on Flash – April 29, 2010