Adobe reported its performance for the quarter ending in May 2024, with revenue reaching an all-time high, increasing by 10% from the same period last year to $5.309 billion and net profit according to GAAP accounting at $1.573 billion.
Revenue from the Digital Media group increased by 11% to $3.91 billion, with Creative growing by 10% to $3.13 billion and Document Cloud increasing by 19% to $782 million. Key figures include Annual Recurring Revenue (ARR) rising to $16.25 billion, with new net income of $487 million.
The Digital Experience business group saw revenue grow by 9% to $1.33 billion, with subscription revenue increasing by 13% to $1.20 billion.
David Wadhwani, President of Adobe’s Digital Media business, stated during the earnings call that the company is rapidly innovating with new features in the Digital Media product line, including AI functions and Firefly, which allows Creative Cloud users to upgrade their plans to accommodate this feature.
Source: Adobe and CNBC
TLDR: Adobe’s quarterly performance shows revenue growth in Digital Media and Digital Experience groups, with innovative features driving increased user engagement.
Leave a Comment