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Adobe Tops Q2 Earnings Forecasts as Cloud Focus Drives Digital Media Sales thestreet.com Adobe Systems shares were indicated sharply higher in pre-market trading Wednesday after the cloud computing and software group posted stronger-than-expected second quarter earnings and boosted its near-term profit outlook following a partnership agreement with Microsoft.
Adobe Reports Record Revenue news.adobe.com Q3 FY2019 Financial Highlights
Adobe achieved record quarterly revenue of $2.83 billion in its third quarter of fiscal year 2019, which represents 24 percent year-over-year growth. Diluted earnings per share was $1.61 on a GAAP-basis, and $2.05 on a non-GAAP basis. Digital Media segment revenue was $1.96 billion, which represents 22 percent year-over-year growth. Creative revenue grew to $1.65 billion and Document Cloud achieved revenue of $307 million. Digital Media Annualized Recurring Revenue (“ARR”) grew to $7.86 billion exiting the quarter, a quarter-over-quarter increase of $386 million. Creative ARR grew to $6.87 billion, and Document Cloud ARR grew to $993 million. Digital Experience segment revenue was $821 million, representing 34 percent year-over-year growth. GAAP operating income in the third quarter was $854 million, and non-GAAP operating income was $1.15 billion. GAAP net income was $793 million, and non-GAAP net income was $1.01 billion. Cash flow from operations was $922 million. Remaining Performance Obligation was $8.77 billion. Adobe repurchased approximately 2.6 million shares during the quarter.