Adobe stock, the stock that powers the internet’s largest online retailers, has fallen almost 40% over the past year and is currently trading at a record low of $12.18 a share.
The stock is down about 3.6% in the past 12 months, but the drop is mostly attributed to the fallout from the recent collapse of Adobe’s Adobe Creative Cloud platform.
The tech giant has been forced to slash spending in order to survive.
It has been unable to compete with Amazon and Microsoft, and it is struggling to retain employees and keep the company afloat.
A number of large technology companies have taken a hit in the downturn, including Amazon and eBay.
Adobe, which was founded in 1998, is one of the largest online content publishers in the world.
The company also publishes software, such as Adobe Flash, that powers popular apps such as Facebook and Twitter.AAP/AFP/GettyImages