Adobe reported third-quarter financial results for the fiscal year ending in August 2024, showing continued strong growth. Revenue increased by 11% from the same period last year to $5.408 billion, with a net profit of $1.684 billion.
Shantanu Narayen, Chairman and CEO of Adobe, stated that the company continues to deliver value to customers, most recently with AI advancements across Creative Cloud, Document Cloud, and Experience Cloud, benefiting millions of users worldwide.
Revenue from the Digital Media group totaled $4 billion, up 11%, with Document Cloud revenue at $807 million, up 18%, and Creative at $3.19 billion, up 10%.
Annual Recurring Revenue (ARR) for the Digital Media group increased to $504 million, totaling $16.76 billion.
Adobe also reported deferred revenue from contracts not yet recognized as income in the latest quarter, totaling $18.14 billion.
TLDR: Adobe’s Q3 report for FY2024 shows significant revenue growth, driven by strong performance in the Digital Media group and AI advancements across its cloud services.
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