Overview
- Narayen will remain board chair and continue to lead until a successor is appointed, with a special committee led by Frank Calderoni running the CEO search.
- Adobe posted fiscal Q1 results above estimates—adjusted EPS $6.06 and revenue $6.40 billion—with Q2 guidance slightly ahead of Wall Street.
- The company said annualized revenue from AI-first products more than tripled year over year as it expands Firefly and AI features across Creative Cloud, Acrobat and Express.
- Shares fell roughly 6–7% in extended trading, leaving the stock down about 23% in 2026 as concerns about AI-driven disruption weigh on software valuations.
- Narayen’s 18-year tenure included the shift to subscriptions and a scrapped $20 billion Figma deal that resulted in a $1 billion breakup fee.