Adobe announces CEO resignation; latest earnings forecast fails to ease market concerns

Golden Ten Data reported on March 13 that Adobe (ADBE.O) announced its CEO Shantanu Narayen will step down from his position as the leader of the creative software giant. This move comes at a time when the market is deeply skeptical about the company’s ability to thrive in the era of artificial intelligence. The company also provided its sales forecast for this quarter, which is slightly higher than expected but failed to ease investors’ concerns that the software maker is being left behind by new competitors. The company stated on Thursday that revenue for the quarter ending in May will reach $6.43 billion to $6.48 billion, while analysts’ average expectation is $6.43 billion. Excluding certain items, earnings per share will be $5.80 to $5.85, compared to analysts’ average expectation of $5.70. After-hours trading saw Adobe (ADBE.O) shares fall about 6%.