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Adobe posts record $3.23 billion sales in Q3 in tough times
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IANS | 16 Sep, 2020
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.
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