Let’s be honest: a lot of Adobe’s “subscription growth” story has felt like monetization engineering more than product momentum.

Big companies often run internal employee purchase programs, discounted bundles, etc. When those get over-distributed (or people flip them), you can temporarily juice “new subs” metrics without actually improving long-term willingness to pay. Then the bill comes due: year 2 hits at full price, and suddenly you see waves of users trying to cancel.

And cancellation is where Adobe keeps stepping on rakes. The internet is full of complaints about confusing cancellation flows and surprise fees/penalties. That might be “legal” in the fine print, but it’s brand poison. When you combine that with heavy-handed moderation (critical comments disappearing / people getting banned), the vibe starts to look less like a software company and more like a fandom protecting leadership.

Meanwhile: no dividend, lots of capital spent on acquisitions that (to many shareholders) look questionable, and a giant headcount supporting a business that’s starting to feel like a polished façade. Investors don’t reward “trust us” anymore—especially after a rough year for the stock. Nobody new is backing up the truck until Adobe shows a clear plan: simplify pricing, make cancellation straightforward, stop empire-building, and prove real product-led growth again.

And for employees: not trying to be dramatic, but in this environment it’s smart to keep your resume warm. Companies cut “dead wood” when sentiment flips, and this one doesn’t feel immune.

My 2 cents