Adobe System said this afternoon in a statement that it will cut its revenue outlook for fiscal Q4, 2008, citing the impact of the global economic crisis. The company also wants to cut costs by firing 600 full-time employees, about 8 percent of its workforce.

The company’s Q4 revenue target range was $925 million to $955 million but will be able to deliver between $912 million to $915 million only.

The main cause for the revenue deficit, cited, was weaker-than-expected demand for its new Creative Suite 4 (CS4) family of products that began shipping in Q4 in North America and Europe.

Adobe’s CS4 products are facing severe completion from both traditional rivals and emerging Eclipse-based web creators. Developers no longer consider Dreamweaver and Fireworks, two main products in CS4, default tools for web development.

After publishing the statement, Adobe shares were down $1.54, or 6.8%, to $21