Technology stocks posted broad losses as investors shifted out of riskier sectors.
Adobe said Chief Executive Shantanu Narayen, credited with leading the software company's transformation over the past 18 years, will step down after it finds a new leader for the artificial-intelligence era. Adobe shares fell 7.6% despite the company posting better-than-expected earnings.
TikTok's Chinese parent, ByteDance, is assembling computing power with high-end Nvidia chips outside China to fuel its ambition of becoming a global artificial-intelligence leader.
Shantanu Narayen founded Pictra, Inc. Currently, Mr. Narayen is Chairman, President & Chief Executive Officer at Adobe, Inc. Mr. Narayen is also on the board of Pfizer Inc., Adobe Systems Software Ireland Ltd. and US India Strategic Partnership Forum and Chairman at Adobe Foundation.
In the past Mr. Narayen occupied the position of Principal at Apple, Inc. and Director-Desktop & Collaboration Products at Silicon Graphics, Inc.
He received a graduate degree from Bowling Green State University, an undergraduate degree from Osmania University and an MBA from Haas School of Business.
Adobe Inc. specializes in the development of software for content design, publication and visual distribution. Net sales break down by product family as follows:
- digital media software (74.3%): primarily creation, illustration, viewing, conversion and digital contents broadcasting;
- online marketing and business process management software (24.7%): web publishing, information security, business resources planning, document production management, application automation software, etc.;
- other (1%): software for high-definition printing, online training, etc.
Net sales break down by source of income between sales of subscriptions (96.4%), sales of services (2.3%; consulting, training, maintenance and technical support services) and sales of products (1.3%).
Net sales are distributed geographically as follows: the United States (52.7%), Americas (6.7%), Europe/Middle East/Africa (26.5%) and Asia/Pacific (14.1%).
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