The main Irish unit of US software giant Adobe last year plunged into the red after recording pre-tax losses of $39m (€34.63m).
New figures show that the Adobe Software Trading Company Ltd, and subsidiaries, recorded the loss as revenues dipped below $2bn. The accounts show revenues decreased by 3.6% going from $2.02bn to $1.95bn.
The company has an address at Citywest, Dublin. It is the intermediate holding company for Adobe’s subsidiaries based in the Europe, Africa and the Asia Pacific regions.
Numbers employed last year increased from 2,790 to 2,788. The revenues generated by Adobe’s Irish unit represent 47% of the company’s worldwide sales of $4.14bn.
The Irish-based company paid taxes totalling $44.64m last year, compared to $59m in tax in 2013.
Last year’s after-tax losses amounted to $84.58m.
The accounts state that the principal activity of the holding company is research and development activities, and the licensing, production and distribution of computer software for markets outside the US, Canada and Mexico.
The company’s directors state “revenue decreased 4% as a result of the continued successful migration of the business from selling perpetual licenses to a subscription and ‘rateaway’ revenue model.
They said this “results in a short-term depression of revenue which will reverse. The operating margin reduced to 3% to 2% primarily as a result of goodwill amortisation.”
The directors said they are satisfied with the performance of the group in the period.
Adobe was established in 1982 and today Adobe Reader software is distributed in 34 languages worldwide, while one billion flash devices have been shipped globally.
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