Adobe Reports Record Q3 Revenue, EPS Beats Estimates

Author: Erica Kollmann | September 12, 2024 04:29pm

Adobe, Inc. (NASDAQ:ADBE) reported its third-quarter financial results after Thursday's closing bell. Here's a look at the key figures from the quarter. 

The Details: Adobe reported quarterly earnings of $4.65 per share, which beat the analyst consensus estimate of $4.53 by 2.65%. Quarterly revenue clocked in at $5.41 billion, beating the consensus estimate of $5.37 billion and representing growth of 10.63% year-over-year.

• Digital Media segment revenue was $4 billion, which represents 11% year-over-year growth. Document Cloud revenue was $807 million, representing 18% year-over-year growth. Creative revenue grew to $3.19 billion, representing 10% year-over-year growth.
• Net new Digital Media Annualized Recurring Revenue (ARR) was $504 million, exiting the quarter with Digital Media ARR of $16.76 billion. Document Cloud ARR grew to $3.31 billion and Creative ARR grew to $13.45 billion.
• Digital Experience segment revenue was $1.35 billion, representing 10% year-over-year growth. Digital Experience subscription revenue was $1.23 billion, representing 12% year-over-year growth.

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“Adobe’s record Q3 performance is a testament to our relentless innovation and commitment to delivering value to our customers,” said Shantanu Narayen, CEO of Adobe. “With groundbreaking advancements in AI across Creative Cloud, Document Cloud and Experience Cloud, we are empowering millions of users worldwide.”

The company will host a conference call at 5 p.m. ET Thursday to discuss the results.

Outlook: Adobe sees fourth-quarter revenue in a range of $5.5 billion to $5.55 billion and earnings of between $4.63 and $4.68 per share.

ADBE Price Action: According to Benzinga Pro, Adobe shares are down 8.51% after-hours at $536.66 at the time of publication on Thursday.

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Posted In: ADBE