Adobe reported its third-quarter financial results for the year 2023, ending on September 1. The total revenue increased by 10% compared to the same period last year, reaching $4.89 billion. The company achieved a net profit of $1.403 billion, following GAAP accounting standards.
Shantanu Narayen, the Chairman and CEO of Adobe, stated that we are entering a new era of creativity with AI innovations integrated into all of the company’s products. Now, Firefly, Express, Creative Cloud, and GenStudio have introduced the magic of Adobe to millions of users.
The revenue from the Digital Media group stands at $3.59 billion, showing an 11% increase. Creative revenue rose by 11% to $2.91 billion, while Document Cloud increased by 13% to $685 million. The Digital Experience group generated revenue of $1.23 billion, with a 10% increase. Subscription revenue for Digital Experience grew by 12% to $1.1 billion.
TLDR: Adobe’s third-quarter financial report for 2023 revealed a 10% revenue increase, reaching $4.89 billion. Shantanu Narayen emphasized the company’s AI-driven innovations across its products. The Digital Media and Digital Experience groups reported revenue growth of 11% and 10% respectively. Subscription revenue for Digital Experience experienced a 12% increase.