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March 20, 2013

Adobe reports decline in Q1 revenue and profit

Operating income fell to $98.22m for the quarter.

By CBR Staff Writer

Adobe Systems has reported a revenue of $1.01bn for the first quarter of 2013, compared to $1.04bn for the same period in 2012.

The company’s net income declined 65% to $65.11m, or $0.13 per share, compared to $185.2m, or $0.37 per share, for the same period last year.

Operating income fell to $98.22m for the quarter, compared to $288.9m for the same period in the corresponding year.

Revenue from products declined to $675.78m for the quarter, compared to $808.52m in the year ago period.

Subscription revenue increased to $224.26m for the quarter, compared to $146.23m for the same period previous year.

Adobe Marketing Cloud had a quarterly revenue of $215.4m, up 20% from last year.

The company said it continued to accelerate adoption of Adobe Creative Cloud during the quarteras it migrates to a subscription model in its Digital Media business.

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Adobe president and chief executive officer, Shantanu Narayen said: "Creative Cloud is quickly becoming mainstream, with the overwhelming majority of Creative purchases on now being Creative Cloud subscriptions."

"With Adobe Marketing Cloud, we are the partner of choice for Chief Marketing Officers as we help our customers migrate their businesses online," Narayen added.

The company expects revenue to be in the range of $975m to $1.025bn for the second quarter of 2013.

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