Adobe has announced the departure of its chief financial officer. This move follows CEO Shantanu Narayen's announcement in March that he would step down, meaning another key member of the company's long-standing leadership team will be leaving.

The company stated on Thursday that CFO Dan Durn will leave his role on Monday. Adobe is continuing its search for a new CEO to replace Narayen, who has held the position for 18 years.

In a separate announcement, chipmaker Marvell Technology revealed that Durn will be joining its company.

News of the CFO's exit overshadowed Adobe's quarterly results and current outlook, both of which exceeded analyst expectations.

"When a CEO changes, you typically don't want the CFO to transition at the same time," said D.A. Davidson & Co. analyst Gil Luria in an interview. "Clearly, investors are uncomfortable with both roles transitioning at this moment."

Adobe shares fell approximately 6% in after-hours trading, having closed at $218.80. The stock has declined about 37% this year and is hovering near seven-year lows.

The company's Photoshop and other software have long been standard tools for creative and marketing professionals. However, in recent years, Wall Street has raised increasing questions about whether the company could be disrupted by AI products. Generative AI makes it easier for users to create visual media without using expensive Adobe products, and many of the most popular new AI tools, such as Google's video generation model, are developed by competitors.

To counter this competition, Adobe has integrated AI across its entire platform. The company stated in September that sales of its AI-first products exceeded $250 million.

For the second fiscal quarter ending May 29, Adobe's revenue increased by 13% to $6.62 billion. Analysts, on average, had expected $6.45 billion, according to data compiled by Bloomberg. Subscription sales for creative and marketing professionals reached $4.54 billion, while tools for enterprises and consumers generated $1.85 billion in revenue.

Earnings per share, excluding certain items, were $5.96. The company's total annualized recurring revenue was $27.1 billion. Both metrics exceeded analyst forecasts.

Adobe also provided guidance for the quarter ending in August, projecting revenue between $6.67 billion and $6.72 billion. Adjusted earnings per share are expected to be in the range of $6.05 to $6.10.