Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Adobe Inc.    ADBE


News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Adobe : Venezuela designers turn to piracy after Adobe announces it will cut service

share with twitter share with LinkedIn share with facebook
share via e-mail
10/08/2019 | 08:04pm EDT
The corporate logo of photography software Photoshop of Adobe company is seen in Posa Studio school in Caracas

CARACAS (Reuters) - Venezuelans desperately explored piracy workarounds on Tuesday to continue using Adobe programs after the software developer said it will cut access to its products for the country's users, citing U.S. sanctions.

Critics said the move demonstrated the unintended consequences of the policies of U.S. President Donald Trump's administration.

San Jose, California-based Adobe Inc, whose products like Photoshop and InDesign are widely used by designers, illustrators and digital marketers, said on Monday it was "deactivating all accounts in Venezuela" to comply with the sanctions, which are part of Washington's effort to oust socialist President Nicolas Maduro.

A slew of Venezuelan creative professionals took to social media to argue that Adobe's move would have a devastating impact on freelance designers and marketers, who are already struggling with a hyperinflationary economic collapse.

Gremiana Gonzalez, a graphic design student at the University of the Andes in western Merida state, offered instructions on Twitter on how to "crack any app in the Creative Cloud," referring to Adobe's collection of programs.

"In a way it goes against my principles because I am not completely in agreement with piracy, but in these circumstances either you use pirated software or you don't eat," Gonzalez said in a text message. "I know that just like me, many Venezuelans depend completely on freelancing, and Adobe's suite is the most widely-used, best-acclaimed and easiest to access."

Adobe said its software will stop working in Venezuela on Oct 28.

Critics of U.S. policy toward Venezuela pointed to Adobe's announcement as the latest example of how the Trump administration's steady escalation of sanctions has hurt ordinary people without succeeding in ousting Maduro, who is accused of corruption and human rights violations.

Washington in January slapped sanctions on state oil company PDVSA, the lifeblood of Venezuela's economy, and has sanctioned dozens of top government officials.

In August, it froze all Venezuelan state assets in the United States and threatened sanctions on any company continuing to do business with the government. Adobe cited that measure in a statement announcing the decision on Monday.

A spokesman for the U.S. Treasury Department, which implements sanctions, said Treasury had "an active sanctions program in Venezuela aimed at depriving resources from the illegitimate Maduro regime."

The spokesman referred comment on a private company's individual compliance to Adobe. Adobe did not respond to a request for comment.

Francisco Rodriguez, a prominent Venezuelan economist who has launched a nonprofit to help alleviate the OPEC nation's humanitarian crisis, circulated a petition requesting the U.S. Treasury Department to issue a license exempting software service providers from the sanctions.

"Adobe's decision to suspend services in Venezuela has revived the debate over the impact of sanctions," Rodriguez wrote on Twitter. "But maybe we are leaving aside the most relevant question: what can we due to mitigate the impact of these measures on Venezuelans?"

(Reporting by Luc Cohen; Editing by Muralikumar Anantharaman)

By Luc Cohen and Brian Ellsworth

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on ADOBE INC.
10/16Bank of America, United Airlines gain while MGM, Adobe slip
10/16ADOBE : Down 3.6%; Citi Cuts to Neutral From Buy
10/08ADOBE : Venezuela designers turn to piracy after Adobe announces it will cut ser..
09/30SoftwareONE announces 2019 IPO on SIX Swiss Exchange
09/18Adobe and FedEx stumble while Lennar and CDW advance
09/17ADOBE : fourth-quarter forecast, marketing software unit disappoint
09/17ADOBE : Targets Lower 4Q Revenue, Adjusted Earnings Than Analysts Expect
09/17ADOBE : 3Q Revenue, Net Income Rise -- Update
09/17ADOBE : 3Q Revenue, Net Income Rise
More news
Financials (USD)
Sales 2019 11 154 M
EBIT 2019 4 454 M
Net income 2019 2 934 M
Finance 2019 2 222 M
Yield 2019 -
P/E ratio 2019 45,7x
P/E ratio 2020 37,0x
EV / Sales2019 11,6x
EV / Sales2020 9,58x
Capitalization 132 B
Duration : Period :
Adobe Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ADOBE INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 313,19  $
Last Close Price 272,70  $
Spread / Highest target 24,7%
Spread / Average Target 14,8%
Spread / Lowest Target 0,84%
EPS Revisions
Shantanu Narayen Chairman, President & Chief Executive Officer
John Francis Murphy Chief Financial Officer & Executive VP
Abhay Parasnis Chief Technology Officer & Executive VP
Cynthia A. Stoddard Chief Information Officer & Senior Vice President
John E. Warnock Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ADOBE INC.20.54%132 008
WORKDAY INC.0.49%36 585
AUTODESK13.04%31 924
SQUARE, INC.12.32%26 909
ANSYS, INC.55.44%18 686