On June 12, Adobe fell 7.62% in regular trading, trading at $201.72/share, with turnover of $797 million.

On the news front, despite reporting record Q2 revenue of $6.62 billion (up 13% YoY, beating the $6.45 billion consensus) and adjusted EPS of $5.96 (above the $5.82 estimate), the stock sold off sharply after CFO Dan Durn announced his departure effective Monday, joining chipmaker Marvell Technology. This compounds the earlier announcement that CEO Shantanu Narayen will step down after 18 years at the helm.

The dual leadership vacuum at a critical juncture in Adobe's AI transformation has rattled investors. Although the company raised its full-year revenue guidance to $26.5-$26.6 billion and AI-first ARR surpassed $500 million, management acknowledged that its freemium user acquisition strategy will pressure ARR in the second half. Persistent concerns over generative AI cannibalizing traditional Adobe Stock revenue, combined with multiple investment banks lowering target prices post-earnings, intensified selling pressure.

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