Adobe stock is down 5.5% in second day after Donald Trump’s election

Adobe stock fell 5.1% on Friday after Donald J. Trump was elected US president, with the tech giant facing a barrage of criticism over the election.

The slide was compounded by a report by The Wall Street Journal that the US military is considering leaving a joint training and equipping of Saudi Arabia’s air force, with a senior US official describing it as “unprecedented”.

On Friday, Adobe announced it would no longer use the word “affiliate” on its website and its Facebook page.

The company has already taken steps to reduce the number of employees in its software divisions.

The firm has also started to cut ties with a number of technology firms, including Microsoft, Google and Amazon.

“We will continue to invest in our companies to make the best possible products and services for our customers,” Adobe said in a statement.

“The Trump administration is putting us at risk of losing our customers, customers’ trust and employees.”

Mr Trump has been criticised for his anti-trade rhetoric and his proposals to slash tariffs and tax breaks for US companies.

His campaign manager, Kellyanne Conway, told Fox News that the election results had “hurt the American people badly” and that “this administration has put American jobs at risk”.

“We’re going to work to make sure that this administration does not hurt the American economy,” she said.

“But this is a huge concern to us.”

On Friday afternoon, Adobe tweeted that the company was “considering an executive action” in the event of Mr Trump’s victory.

“A decision on this matter will be made as soon as it is made,” the company said.

The stock plunged 10% on the news that the Pentagon was considering pulling its training programme with Saudi Arabia.

The news was reported by Bloomberg.

The US military and Saudi Arabia were partners in the joint air force training programme.

The Pentagon said it would not make any changes to its operations in Saudi Arabia until it had more information about the impact of the election result on military readiness.

Adobe said it planned to hire more than 100 new employees in the next two weeks.

The social media company is a US rival to Facebook.

Its stock fell 6% on Thursday, while Google fell 1% and Amazon dropped 0.5%.

On Friday it was trading at $14.59.


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