Adobe posts record $3.23 billion sales in Q3 in tough times

Source :IANS
Author :IANS
Last Updated: Wed, Sep 16th, 2020, 12:29:01hrs
Adobe

San Francisco: Riding on its growing Creative and Document Cloud business, Adobe has achieved record quarterly revenue of $3.23 billion in its third quarter of fiscal year 2020, which represents 14 percent year-over-year growth.

The cloud software giant reported profit of $955 million, or $1.97 a share, on Tuesday.

Digital Media segment revenue was $2.34 billion, which represents 19 percent (year-over-year) growth.

Creative revenue grew to $1.96 billion, representing 19 percent year-over-year growth while Document Cloud revenue was $375 million, representing 22 per cent growth.

"Adobe delivered the best Q3 in our history in a challenging macroeconomic environment, demonstrating the global demand for our innovative solutions," said Shantanu Narayen, president and CEO, Adobe.

"We are confident that our leadership in the creative, document and customer experience management categories will drive continued momentum in 2020 and beyond."

Digital Media Annualized Recurring Revenue (ARR) increased $458 million quarter-over-quarter to $9.63 billion exiting the quarter. Creative ARR grew to $8.29 billion, and Document Cloud ARR grew to $1.34 billion.

"The resilience of our recurring business model and a strong book of business is driving sustained long-term growth," said John Murphy, executive vice president and CFO, Adobe.

"Despite challenging macroeconomic conditions, the ongoing remote work and learning-from-home environment provided an opportunity to offset normal Q3 summer seasonality," Murphy added.