Adobe has announced another record-breaking start to the year, with revenue of $4.66 billion in the first quarter – that’s $61 million more than Disney paid for the Star Wars franchise when it was acquired in 2012.
Things seem to be going pretty well for the American software company, known best for Photoshop, Premiere Pro and InDesign (just to name a few of the big ones). Adobe makes some of the best photo and video editing software available and just recently, it was revealed that two Oscar-winning films used Adobe tools in their production, including Everything Everywhere All at Once.
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Highlights from the Q1 2023 fiscal year include 9% year-on-year growth, generally accepted accounting principles (GAAP) of $1.59 billion, while diluted earnings per share rose to $2.71 on a GAAP basis and $3.80 on a non-GAAP basis.
"Adobe drove record Q1 revenue and we are raising our annual targets based on the tremendous market opportunity and continued confidence in our execution," said Shantanu Narayen, Chairman and CEO of Adobe. "Creative Cloud, Document Cloud and Experience Cloud are mission-critical in fueling the global digital economy."
One of the reasons Adobe could be doing so well is its competitive pricing plan. Although Creative Cloud and its individual programs are only available on a subscription basis, there are lots of benefits to paying monthly. Granted you won’t be able to use it forever, as you did when you bought a disk, but updates are faster, you get access to cloud storage and, for just $30 / £50 / AU$76 a month, you can use all the Creative Cloud apps including Photoshop, Lightroom, After Effects and Audition.
Going into Q2, Adobe hopes to keep up the impressive figures with the total revenue increasing to $4.78 billion, the Digital Media segment revenue increasing to $3.47 billion and Digital Experience segment revenue on target to hit $3.47 billion.
"Our strong engine of innovation combined with world-class operational rigor drove profitable growth in Q1, setting us up to deliver another strong fiscal year," said Dan Durn, executive vice president and CFO. "Adobe is better positioned today than we’ve ever been to serve our customers globally."
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