Adobe's AI revenue surged and profit outlook improved, but investor confidence fell as the CFO departed and competitors gained ground with free-tier offerings.

What happened

Adobe's fiscal second quarter revenue rose 13% year over year to $6.62 billion（約1.1兆円）, with AI-powered tools driving growth. The company's "AI-first" annualized recurring revenue tripled to more than $500 million（約800億円）. CFO Dan Durn announced his departure for Marvell Technology, following CEO Shantanu Narayen's earlier announcement that he would step down once a successor is found.

Why it matters

Two senior executives leaving in quick succession signals leadership instability at a moment when Adobe faces intensifying competitive pressure. Rivals like Blackmagic Design are gaining market share with freemium models—allowing free access to basic tools, with paid upgrades for advanced features. This threatens Adobe's traditional premium pricing and near-term profitability, even as AI-driven demand remains strong.

What to watch

Adobe lifted its full-year revenue outlook to roughly $26.55 billion（約4.2兆円） and adjusted earnings guidance to $24.35–$24.45 per share. The company plans to launch its own freemium offering to compete, but this move is expected to pressure near-term profit margins.