Adobe Systems buying back shares

NEW YORK (AP) - Software maker Adobe Systems Inc. said it has signed agreements with large third-party financial institutions for the repurchase of $400 million of its shares.

The San Jose, Calif., company said Thursday the shares are part of its $1.6 billion buyback plan announced earlier this week.

As of April 2, Adobe had about 526.4 million shares outstanding.

The company has slashed its work force to free up cash, which among other things has allowed for share buybacks.

The job picure has begun to turn around. In the three months through May, Adobe added 190 positions as revenue rose 34 percent.

The company cut 680 jobs last year, but executives say they plan to hire more people.

Shares of a Adobe, which been declining since the beginning of the year, rose more than 1 percent to $30.67 before the market opened.