New York, June 12, 2026, 04:19 (ET)
• Adobe shares fell 6.25% to $218.80 at Thursday’s close. Premarket quotes early Friday pointed to around $208.17. Google
• The company posted a Q2 revenue record at $6.62 billion and reported non-GAAP EPS of $5.96. Both numbers beat analyst expectations. Google
• Still, investors zeroed in on CFO Dan Durn’s exit on June 15 and raised questions about Adobe’s approach to monetizing AI, despite a bump in the full-year outlook.
Adobe Inc. shares kept falling, even after the company posted better-than-expected earnings. Investors stayed focused on questions about changes in leadership and how the company will make money from AI. The Nasdaq-listed software stock dropped 6.25% to close Thursday at $218.80. Google Finance pointed to shares near $208.17 before the bell Friday, off another 4.86%.
Adobe shares dropped even as the broader market bounced on Thursday. The Nasdaq rose 2.54%, S&P 500 gained 1.75%, and the Dow added 1.86%, Investing.com data showed. Adobe is now trading near its 52-week low of $218.09, after a tough run for software stocks hit by AI disruption fears.
Adobe said fiscal Q2 revenue hit a new high at $6.62 billion for the quarter ended May 29, growing 13% from a year ago. Diluted earnings landed at $4.25 per share on GAAP and $5.96 on non-GAAP. Google Finance called the results a beat: EPS of $5.96 topped estimates for $5.81, and revenue of $6.62 billion beat a $6.45 billion view.
Adobe posted a record $6.62 billion in Q2 revenue, Chair and CEO Shantanu Narayen said in the company’s latest earnings release, citing “strong AI-driven demand.” Adobe reported its AI-first annual recurring revenue rose more than threefold from a year earlier to over $500 million. Total Adobe ARR stood at $27.10 billion at quarter end, with about $480 million of that tied to Semrush. Securities and Exchange Commission
Adobe shares dropped 5% in late trading after the company said CFO Dan Durn will leave June 15 for another job. Steve Day, currently SVP of corporate finance and CFO for the Customer Experience Orchestration unit, will take over as interim CFO. The executive news came with earnings, but the stock move followed the departure announcement. Reuters noted the news, which comes three months after Narayen said he would step down.
Stephanie Link, chief investment strategist at Hightower Advisors, told Reuters the CFO move was “Not what ADBE needs.” She also said, “I would expect more senior management to depart with a new CEO.” Reuters said Adobe shares are down more than 37% this year as investors look at competition from AI design tools and rivals like Figma and Canva. Reuters
Adobe lifted its 2026 outlook, guiding for full-year revenue between $26.50 billion and $26.60 billion, with non-GAAP EPS seen at $24.35 to $24.45. For Q3, Adobe expects revenue of $6.67 billion to $6.72 billion and non-GAAP EPS in the $6.05 to $6.10 range, even as the market reacted.
JPMorgan cut its Adobe price target to $340 from $420 on Friday but kept its Overweight rating, according to Investing.com. Analysts are weighing Adobe’s shift toward freemium and user growth against its revised ARR guidance. Now the question is if investors will buy into a slower ARR now with the hope for longer-term AI revenue by fiscal 2026.
