Adobe Reports Record $5.31B Revenue in Q2 2024

By Bobby Samwell • Thursday, June 13 16:35 • Permanent Link

Adobe (NASDAQ:ADBE) has reported record revenue of $5.31 billion for the second quarter of fiscal year 2024, reflecting a substantial 10 percent year-over-year growth. The company's diluted earnings per share stood at $3.49 on a GAAP basis and $4.48 on a non-GAAP basis. GAAP operating income for the quarter was $1.89 billion, while non-GAAP operating income reached $2.44 billion. Meanwhile, GAAP net income was $1.57 billion, with non-GAAP net income at $2.02 billion.

The digital media segment revenue reached $3.91 billion, marking an 11 percent year-over-year growth. Notably, creative revenue saw a 10 percent year-over-year growth, reaching $3.13 billion, and document cloud revenue experienced significant growth at 19 percent year-over-year, amounting to $782 million.

Adobe's net new digital media annualized recurring revenue (ARR) hit $487 million, leading to digital media ARR of $16.25 billion by the quarter's end. Within this, creative ARR grew to $13.11 billion, and document cloud ARR grew to $3.15 billion.

In the digital experience segment, revenue amounted to $1.33 billion, up 9 percent year-over-year. Additionally, digital experience subscription revenue reached $1.20 billion, representing a 13 percent increase year-over-year.

Looking ahead, Adobe has raised its annual targets for digital media net new ARR, digital experience subscription revenue, and earnings per share. The company is now targeting a total revenue of $21.40 billion to $21.50 billion for fiscal year 2024, with digital media net new ARR expected to reach approximately $1.95 billion. Adobe also aims for a GAAP earnings per share of $11.80 to $12.00 and non-GAAP earnings per share of $18.00 to $18.20 for the fiscal year.

These figures reflect Adobe's strong performance and its ability to capitalize on its market-leading products, innovative approach to AI, and expanding customer base. The company's continued growth in revenue and ARR across its digital media and digital experience segments demonstrates its sustained momentum in the market. Today the company's shares have moved -0.2% to a price of $458.74. For more information, read the company's full 8-K submission here.

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