Adobe Drops 7% on Insider CEO Pick Ahead of Earnings

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โดย 24/7 Wall St.·

Summary · why it matters

Adobe shares fell 7% to $264.81 on Friday after the company named insider Anil Chakravarthy as its next president and CEO, effective December 1, succeeding Shantanu Narayen, who becomes executive chair. The internal pick, announced days before Adobe's fiscal third-quarter earnings report on September 10, raised doubts about the company's AI strategy, with the stock already down 18% year to date. Workday also slid 4% to $199.30 in sympathy, despite raising its full-year subscription guidance after a strong quarter. Barclays raised its Adobe price target to $295 from $250 while maintaining an Equal Weight rating, reflecting a split view on the company's prospects. Adobe's Q2 FY2026 results showed AI-first annual recurring revenue tripling year over year to exceed $500 million, with total ARR at $27.1 billion, and the company guided Q3 revenue to $6.67 billion to $6.72 billion with non-GAAP EPS of $6.05 to $6.10.