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September 21, 2012

Rise in subscription services increase Adobe’s Q3 revenue by 6.7 %

Net income declined due to currency hit of about $9m

By CBR Staff Writer

Adobe has reported 6.7 % rise in its total revenue during the third quarter (Q3) of 2012 to $1.081bn, when compared to the corresponding period in 2012 and was within its targeted range of $1.075bn to $1.125bn.

According to the firm, the revenue generated from creative cloud subscriptions and digital marketing suite rose 40% during the quarter over the corresponding quarter in 2011.

Adobe president and CEO Shantanu Narayen said customers globally are adopting the firm’s new Creative Cloud subscription offering more quickly than they projected.

"We are the leader in the fast-growing Digital Marketing category with 40 percent year-over-year Digital Marketing Suite revenue growth this quarter," Narayen said.

Further, the effect of currency had negative impact on revenue by nearly $9m.

Adobe executive vice president and CFO Mark Garrett said the firm was on a path to drive millions of subscribers to its Creative Cloud offering, as well as build a billion dollar SaaS business in Digital Marketing.

"This will drive higher long-term growth and create a large recurring revenue stream," Garrett said.

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During the quarter, the firm’s operating income was $391.8m and net income was $291.2mwhile the cash flow from operations was $263m.

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