Adobe carries its momentum into new fiscal

First quarter results from US technology giant Adobe have revealed record revenue and sustained profitability. Total group revenue for the three months ended 31 March 2023 rose by 9.2% year on year to $4.66bn whilst net income of $1.25bn was more or less on par with Q1 FY22. Subscriptions ($4.38bn) make up the vast proportion of Adobe’s total revenue, whilst products and services contributed $120m and $162m respectively.

It is worthy of note that Adobe is continuing to perform well off the back of its recent acquisition of collaborative design platform Figma for around $20bn. Despite that deal initially being fairly unpopular with a significant number of the Adobe’s shareholders, the recent strong performance appears to have vindicated the decision taken by the vendor’s leadership.

Adobe describes its Creative Cloud, Document Cloud and Experience Cloud as “mission-critical tools for the digital economy" and the vendor’s leadership remains bullish despite the challenging macro-economic climate. Following the upward trend of its previous fiscal (see: Adobe reveals strong growth and an upbeat forecasts) the San Jose based software vendor has once again raised its outlook for the year ahead.

Posted by: Jon C Davies at 09:38

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