Adobe's stock fell over 7% following the announcement of CFO Dan Durn's exit, raising concerns about its strategic direction. This comes three months after CEO Shantanu Narayen stepped down, leaving uncertainty until a new CEO is appointed. Despite these leadership changes, Adobe raised its annual revenue and profit forecasts, expecting adjusted earnings of $24.35 to $24.45 per share, up from a prior estimate of $23.30 to $23.50. Adobe projects 2026 revenue between $26.5 billion and $26.6 billion, boosted by increased demand for its AI products and tools. However, competition from companies like Figma and Canva, which are also leveraging AI, remains a significant threat, contributing to a 37% decline in Adobe shares this year.

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Adobe stock slides despite upbeat outlook as CFO exit stokes concerns on strategy

Illustration shows Adobe logo·Reuters

Zaheer Kachwala

Updated Fri, June 12, 2026 at 8:17 AM EDT2 min read

By Zaheer Kachwala

(Reuters) - Adobe on Thursday announced the exit of CFO Dan Durn, adding to concerns about the Photoshop maker's ‌strategy to navigate the crowded design industry, though the company raised ‌its annual revenue and profit forecasts.

Durn's exit comes only three months after long-time CEO Shantanu Narayen decided to step down, leaving the company's trajectory uncertain till a new successor is appointed.

Adobe shares fell over 7% in premarket trading on Friday following the news.

204.55 -14.25 (-6.51%)

As of 3:20:35 PM EDT. Market Open.

Steve Day, senior vice president of corporate finance, will serve as interim CFO from June 15, the company said.

"Not what ‌ADBE needs... maybe they ⁠have a CEO candidate in place/waiting on bringing in their own people. I would expect more senior management to depart with ⁠a new CEO," said Stephanie Link, chief investment strategist at Hightower Advisors.

Separately on Thursday, custom AI chip maker Marvell Technology ( MRVL) appointed Durn as its CFO.

Adobe said AI-first annual recurring revenue tripled and exceeded $500 million at the end of the second quarter.

Adobe now expects annual adjusted earnings per share of $24.35 to $24.45, up from its prior view of $23.30 to $23.50. Second-quarter revenue also ‌beat Wall Street expectations.

Adobe now expects revenue of between $26.5 billion and $26.6 billion for fiscal 2026, up from its earlier forecast of between $25.9 billion and $26.1 billion.

The forecast reflects growing demand for Adobe's AI products ‌and tools, which have been central to the strategy of extending its lead in a market where smaller firms are rapidly gaining share.

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 ‌of their products.

Adobe shares have fallen over 37% so far this year, as investors weigh ‌the impact of AI design tools launched by AI labs that many worry can upend the software design industry.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Arun Koyyur and Joyjeet Das)