Adobe raises annual revenue forecast, CFO to exit
Adobe logo is seen on smartphone in this illustration taken June 13, 2022. REUTERS/Dado Ruvic/Illustration
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June 11 : Adobe raised its annual revenue forecast on Thursday, signaling increased adoption of its AI tools, and announced the departure of CFO Dan Durn, only three months after the Photoshop maker’s CEO said he would step down.
Shares of the company fell around 6 per cent in extended trading.
The company now expects revenue of between $26.5 billion and $26.6 billion, compared with its earlier forecast of between $25.9 billion and $26.1 billion.
The upbeat results reflect growing demand for Adobe’s highly touted AI products, which have been central to the strategy of extending its lead in an increasingly crowded market with smaller firms gaining share.
Adobe said Steve Day, senior vice president of corporate finance, will serve as interim CFO, effective June 15.
Custom AI chip maker Marvell Technology, separately, appointed Durn as its CFO.
Source: Reuters
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