And Adobe has continue its record breaking revenue streak. The company registered revenues of $1.68 billion in the first quarter of 2017. This marks yet another testament to the company’s successful strategy change that saw it start renting software instead of selling it outright.
Speaking on the topic, Mark Garrett, Executive Vice President and Chief Finance Officer at Adobe, said:
Adobe achieved record revenue, profit and cash flow in Q1. Our solid execution and business momentum combined with strong market tailwinds give us confidence in our abilities to continue to deliver strong financial results. We remain bullish about our prospects for the rest of 2017 and beyond.
The company has continued adding the term record before its revenues since 2015, marking a steady growth in the money it adds to the kitty every quarter. Surprisingly perhaps, Adobe has stopped disclosing how many people actually pay to use its creative apps — such as Adobe photoshop. There was a time when the company actively disclosed these number, however, it stopped doing so last year.
Meanwhile, the company beat analyst expectations yet again with $0.94 earnings per share reported as opposed to the $0.87 expected by analysts.
Here are some other highlights of Adobe financial report:
- Diluter earnings per share was $0.80 on a GAAP basis and $0.94 on a Non-GAAP one.
- The revenue from digital media segment stood at $1.14 Billion. Record creative revenue grew to $942 Billion.
- Adobe Marketing Cloud saw a strong growth and managed to reach $477 million revenues.
- Operating and Net incomes grew by 52 and 57 percent respectively, on a GAAP basis. 40 and 42 percent growth on a Non GAAP basis.
- Cash Flow from operations stood at $730 million.
- The company repurchased almost 22 million stock during this period.
Meanwhile, Adobe is a standing argument about the advantages licensing products have over downright selling them. Take note aspiring businessmen, there are some important business lessons to be had right there.