Recently, San Jose, California-based Adobe released its earnings report. According to which the firm recorded a 29% rise in its digital subscription revenue to $864 million in the third quarter. Along with that, the firm recorded a digital media segment revenue of $2.87 billion with a year-on-year growth of 23%.
As compared to last year, Adobe recorded a 22% increase in its third-quarter revenue which has now reached $3.94 billion this year. At the same time, it observed a cash flow of $1.42 billion from other operations.
While the firm recorded a $455 million raise in its digital media annualized recurring revenue, which is now $11.67 billion. If we consider the document cloud revenue of Adobe, then it was $493 million, which is 31% more than the previous year.
According to the report, a 21% growth was observed in the company’s creative revenue to $2.37 billion. Even, with a year-on-year growth of 26%, Adobe recorded a revenue of $985 million from its digital experience segment.
According to the president and CEO of Adobe, Shantanu Narayen, the continuously increasing impact of Experience Cloud, Creative Cloud, and Document Cloud on transforming the way business, storytelling and learning were done has helped them in recording another successful quarter.
He also credited the firm’s talented employees, product leadership, their innovative approach for their continuous growth and success in the industry.
According to the executive vice president and CFO of Adobe, John Murphy, Adobe’s ability to succeed in the current dynamic environment is well proven by the profit and the revenue it earned in the third quarter.
He added that they are actively investing whenever potential growth opportunities are detected in the market. Along with that, they also rely upon data-driven insights to function.
Adobe has also added a Buy Now Pay Later (BNPL) functionality on PayPal-powered, Adobe Commerce, as it is expected to let merchants earn more money on payments.