Mar 14th, 2024 – $Adobe (ADBE.US)$ shares fell 10.95% to $508 in post-market trading on Thursday.
On March 14, 2024, Adobe Inc. released its financial results for the first quarter of fiscal year 2024, which ended on March 1, 2024.
First Quarter Fiscal Year 2024 Financial Highlights
•Adobe achieved revenue of $5.18 billion in its first quarter of fiscal year 2024, which represents 11 percent year-over-year growth or 12 percent in constant currency. Diluted earnings per share was $1.36 on a GAAP basis and $4.48 on a non-GAAP basis.
•GAAP operating income in the first quarter was $907 million and non-GAAP operating income was $2.47 billion. GAAP net income was $620 million and non-GAAP net income was $2.05 billion.
•Cash flows from operations were $1.17 billion.
•Remaining Performance Obligations (“RPO”) exiting the quarter were $17.58 billion.
•Adobe repurchased approximately 3.1 million shares during the quarter.
First Quarter Fiscal Year 2024 Business Segment Highlights
•Digital Media segment revenue was $3.82 billion, which represents 12 percent year-over-year growth or 13 percent in constant currency. Creative revenue grew to $3.07 billion, representing 11 percent year-over-year growth or 12 percent in constant currency. Document Cloud revenue was $750 million, representing 18 percent year-over-year growth as reported and in constant currency.
•Net new Digital Media Annualized Recurring Revenue (“ARR”) was $432 million, exiting the quarter with Digital Media ARR of $15.76 billion. Creative ARR grew to $12.78 billion and Document Cloud ARR grew to $2.98 billion.
•Digital Experience segment revenue was $1.29 billion, representing 10 percent year-over-year growth as reported and in constant currency. Digital Experience subscription revenue was $1.16 billion, representing 12 percent year-over-year growth as reported and in constant currency.
Financial Targets
Adobe is providing second quarter targets, which factor in current expectations for the macroeconomic and foreign exchange environments.
The following table summarizes Adobe’s second quarter fiscal year 2024 targets:
About company: Adobe, Inc. engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
Source: Q1 FY2024 earnings press release
