Adobe CEO Narayen to resign. Company stock price falls more than 7% after hours.

Software company Adobe announced on Thursday that CEO Shantanu Narayen will step down after his successor is determined, and will continue to serve as Chairman of the Board. Due to leadership changes and competition pressure in artificial intelligence, the company's stock price fell about 7.4% after hours. Narayen has been at the helm of Adobe for 18 years, during which he helped Photoshop, Illustrator, Premiere Pro, and InDesign among others become industry standards for creative software. The financial report shows that Adobe's first quarter revenue was $6.4 billion, higher than the market's expected $62.8 billion; the company expects second quarter revenue to be between $6.43 billion and $6.48 billion. Since the beginning of the year, Adobe's cumulative decline is about 22%.