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Design software giant Adobe announced that its long-serving CEO, Shantanu Narayen, will step down once a successor is found. Following the news, Adobe's stock price dropped more than 7% in after-hours trading, as the market may be concerned about its strategic direction amid the AI wave. Narayen has served as Adobe's CEO for 18 years, successfully transforming the company's flagship software into the tool of choice for creatives worldwide. Additionally, Adobe released its quarterly financial results, showing double-digit growth in both total revenue and customer subscription business. In the first quarter, the company reported revenue of $6.4 billion and adjusted earnings per share of $6.06, both exceeding market expectations. Adobe expects second-quarter revenue to be between $6.43 billion and $6.48 billion.
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