Adobe (ADBE.US) opened nearly 7% lower on Friday, marking its largest intraday decline in a year, with the share price at $251.22. For the first fiscal quarter ended February 27, the company reported a 12% increase in revenue to $6.4 billion, surpassing the average analyst estimate of $6.28 billion. Adjusted earnings per share were $6.06, compared to an average forecast of $5.88.

Adobe projects revenue for the current quarter ending in May to be between $6.43 billion and $6.48 billion, while analysts had on average expected $6.43 billion. Adjusted earnings per share are anticipated to range from $5.80 to $5.85, versus an average estimate of $5.70.

In a separate announcement on Thursday, Adobe stated that 62-year-old Shantanu Narayen will step down as CEO after 18 years in the role. He will remain in position until a successor is appointed and will continue to serve as Chairman of the Board. Industry analyst Anurag Rana noted that Narayen's departure overshadowed an otherwise solid financial performance. He wrote, "Adobe's key financial metrics have shown little significant change since early last year, yet the stock has fallen nearly 40%—likely a key reason behind the planned CEO transition."