By Zaheer Kachwala<\/p>\n
June 11 (Reuters) – Adobe on Thursday announced the exit of CFO Dan Durn, adding to concerns about the Photoshop maker’s \u200cstrategy to navigate the crowded design industry, though the company raised \u200cits annual revenue and profit forecasts.<\/p>\n
Durn’s exit comes only three months after long-time CEO Shantanu Narayen \u200bdecided to step down, leaving the company’s trajectory uncertain till a new successor is appointed. Adobe shares fell 5% in extended trading.<\/p>\n
Steve Day, senior vice president of corporate finance, will serve as interim CFO from June 15, the company said.<\/p>\n
“Not what \u200cADBE needs… maybe they \u2060have a CEO candidate in place\/waiting on bringing in their own people. I would expect more senior management to depart with \u2060a new CEO,” said Stephanie Link, chief investment strategist at Hightower Advisors.<\/p>\n
Adobe now expects revenue of between $26.5 billion and $26.6 billion for fiscal 2026, up from its earlier \u200bforecast of \u200bbetween $25.9 billion and $26.1 billion.<\/p>\n
The forecast reflects \u200bgrowing demand for Adobe’s AI products \u200cand tools, which have been central to the strategy of extending its lead in a market where smaller firms are rapidly gaining share.<\/p>\n
Despite establishing an early lead in the industry, Adobe’s dominance is now threatened by companies such as Figma and Canva. Both have rapidly adopted AI to boost the appeal \u200cof their products.<\/p>\n
Adobe said AI-first annual recurring revenue \u200btripled and exceeded $500 million at the end of \u200bthe second quarter.<\/p>\n
Adobe shares have \u200bfallen over 37% so far this year, as investors weigh \u200cthe impact of AI design tools \u200blaunched by AI labs \u200bthat many worry can upend the software design industry.<\/p>\n
Adobe now expects annual adjusted earnings per share of $24.35 to $24.45, up from its prior view \u200bof $23.30 to $23.50.<\/p>\n
Second-quarter revenue also \u200cbeat Wall Street expectations.<\/p>\n
Separately on Thursday, custom AI chip maker Marvell Technology \u200bappointed Durn as its CFO.<\/p>\n
(Reporting by Zaheer Kachwala in Bengaluru; \u200bEditing by Arun Koyyur and Joyjeet Das)<\/p>\n","protected":false},"excerpt":{"rendered":"By Zaheer Kachwala June 11 (Reuters) – Adobe on Thursday announced the exit of CFO Dan Durn, adding…\n","protected":false},"author":2,"featured_media":699059,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[14406,28,302520,302519,234764],"class_list":["post-699058","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-adobe","tag-business","tag-cfo-dan-durn","tag-interim-cfo","tag-shantanu-narayen"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/699058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=699058"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/699058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/699059"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=699058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=699058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=699058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}