盘后大跌超7%！Adobe上季营收超预期创纪录，但指引平平、任期最久CEO将卸任！

Core Viewpoint - Adobe's first-quarter revenue increased by 12% year-over-year, with EPS exceeding expectations by nearly 20%, but the upcoming CEO transition raises concerns about strategic continuity amid uncertainties in AI commercialization [1][3][12] Financial Performance - Adobe reported first-quarter revenue of $6.4 billion, surpassing analyst expectations of $6.28 billion by approximately 1.9% [3][6] - Adjusted EPS was $6.06, a year-over-year increase of about 19.3%, also above the expected $5.88 [6] - Net profit grew by 4.4% to $1.89 billion, with total subscription revenue reaching $6.197 billion, reflecting a year-over-year growth of about 13% [6] - The annual recurring revenue (ARR) for AI-first products like Firefly increased by over two times year-over-year [8] Business Segments - Subscription revenue from Creative & Marketing Professionals was $4.39 billion, up 12% year-over-year, while revenue from Business Professionals & Consumers reached $1.78 billion, growing by 16% [6] - Monthly active users across platforms like Acrobat, Creative Cloud, Express, and Firefly reached 850 million, a 17% increase year-over-year [9] Future Guidance - For the second quarter, Adobe expects revenue between $6.43 billion and $6.48 billion, with adjusted EPS projected at $5.80 to $5.85, aligning closely with analyst expectations [10] - The guidance did not significantly exceed market predictions, failing to alleviate investor concerns regarding revenue growth slowdown and intensified competition in the AI era [10] CEO Transition - CEO Shantanu Narayen, who has led Adobe for 18 years, will step down after a successor is determined, raising questions about the continuity of the company's strategy [12][14] - Narayen's tenure saw Adobe's stock price increase over sixfold, and he was instrumental in transitioning the company from software licensing to a subscription model [12][13] - The board has initiated a search for a new CEO, with concerns about how the new leadership will balance strict execution and active investment in AI amidst growing competition [14]