By Elias Schisgall
Adobe lifted its full-year financial targets after reporting higher revenue in the second quarter, and said its finance chief was stepping down.
The software company on Thursday said it now expects full-year revenue of between $26.5 billion and $26.6 billion, up from a range of $25.9 billion to $26.1 billion. It projected adjusted per-share earnings between $24.35 and $24.45, up from a range of $23.30 to $23.50.
Analysts polled by FactSet are expecting full-year adjusted earnings of $23.54 a share on revenue of $26.06 billion.
Adobe also said that Chief Financial Officer Dan Durn would leave the company on June 15 to pursue a different professional opportunity.
His exit compounds a coming leadership takeover at Adobe. Chief Executive Shantanu Narayen said in March that he would step down once his successor has been appointed, ending his 18-year tenure at the helm of the software company.
Steve Day, the company's senior vice president of corporate finance, will serve as interim chief financial officer.
The leadership changes come as Adobe, like many software peers, faces pressure to prove to investors that it can capitalize on artificial-intelligence tools rather than be replaced by them.
Shares in Adobe fell 5.9% to $206 in after-hours trading on Thursday. The stock closed down 6.2% at $218.80, down 37% this year.
The company logged a second-quarter profit of $1.71 billion, or $4.25 a share, compared with $1.69 billion, or $3.94 a share, a year earlier.
Stripping out certain one-time items, the company reported adjusted earnings of $5.96, ahead of the $5.82 a share expected by analysts, according to FactSet.
Revenue rose 13% to $6.62 billion. Analysts polled by FactSet were expecting $6.45 billion.
The company ended the quarter with $27.1 billion in annualized recurring revenue, beating analyst expectations of $26.6 billion. The metric, closely watched by investors looking to judge the returns on Adobe's AI investments, includes around $480 million from Semrush Holdings, a brand visibility platform acquired by the company in April.
The results are "reflecting strong AI-driven demand across our customer groups," Chief Executive Narayen said.
For the current third quarter, the company is forecasting adjusted earnings of between $6.05 and $6.10 a share on revenue between $6.67 billion and $6.72 billion.
Analysts are expecting $5.77 in adjusted earnings on $6.52 billion in revenue.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
June 11, 2026 16:33 ET (20:33 GMT)
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