SAN JOSE (dpa-AFX) – Despite unexpectedly high sales targets, the US software company Adobe Systems was unable to appease its investors due to another management change. The group is expecting sales of at least almost 6.7 billion US dollars in the current third quarter, which is more than analysts had expected. But another top manager, CFO Dan Durn, is leaving the media design software specialist next week, as the company announced on Thursday after the US stock market closed in San Jose. The stock fell in after-hours US trading.
Long-time boss Shantanu Narayen announced his departure in March. Investors are already nervous about the threat of competition from AI software; the shares lost 6 percent to $207 after trading. Expert Gil Luria from the analysis firm DA Davidson said on the financial channel Bloomberg TV that the timing of the departure of the chief financial officer was unfortunate, while the company was already looking for a successor to the top job. Investors did not feel comfortable with this situation. Durn is moving to the semiconductor company Marvell Technology.
This year, the Adobe share price has already lost over a third of its value in main trading. In spring 2024, more than $600 was paid. Adobe was one of the early pioneers of subscription models for software use. This business model has recently come under great pressure because emerging AI tools are seen as dangerous competition for the apps of established providers.
It didn’t help that Adobe raised its annual forecasts for sales and adjusted earnings per share and that the results in the second quarter were better than experts expected
By the way: Adobe and other US stocks can even be traded on finanzen.net ZERO until 11 p.m. (without order fees, plus spreads). Open a depot now for free and secure a new customer bonus!
Selected leverage products on Adobe
With knock-outs, speculative investors can participate disproportionately in price movements. Simply select the lever you want and we will show you suitable open-end products on Adobe
The leverage must be between 2 and 20
Risk warning: Suffer on average 7 out of 10 retail investors Losses when trading with turbo certificates. Turbo certificates are high-risk products and not suitable for long-term investment strategies. Risk warning: Suffer on average 7 out of 10 retail investors Losses when trading with turbo certificates. Turbo certificates are high-risk products and not suitable for long-term investment strategies.
Advertising