Press release
Adobe Reports Record Revenue in Q1 Fiscal 2023
Company raises Digital Media net new ARR and EPS annual targets SAN JOSE, Calif.--(BUSINESS WIRE)-- Adobe (Nasdaq:ADBE) today reported financial results for
About this update from Adobe Inc.
[{"type":"text","content":"\nCompany raises Digital Media net new ARR and EPS annual targets\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nAdobe (Nasdaq:ADBE) today reported financial results for its first quarter fiscal year 2023 ended March 3, 2023.\n\n“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, Adobe. “Creative Cloud, Document Cloud and Experience Cloud are mission-critical in fueling the global digital economy.”\n\n“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. “Adobe is better positioned today than we’ve ever been to serve our customers globally.”\n\nFirst Quarter Fiscal Year 2023 Financial Highlights\n\n\nAdobe achieved revenue of $4.66 billion in its first quarter of fiscal year 2023, which represents 9 percent year-over-year growth or 13 percent in constant currency. Diluted earnings per share was $2.71 on a GAAP basis and $3.80 on a non-GAAP basis.\n\n\nGAAP operating income in the first quarter was $1.59 billion and non-GAAP operating income was $2.13 billion. GAAP net income was $1.25 billion and non-GAAP net income was $1.75 billion.\n\n\nCash flows from operations were $1.69 billion.\n\n\nRemaining Performance Obligations (“RPO”) exiting the quarter were $15.21 billion.\n\n\nAdobe repurchased approximately 5.0 million shares during the quarter.\n\n\nFirst Quarter Fiscal Year 2023 Business Segment Highlights\n\n\nDigital Media segment revenue was $3.40 billion, which represents 9 percent year-over-year growth or 14 percent in constant currency. Creative revenue grew to $2.76 billion, representing 8 percent year-over-year growth or 13 percent in constant currency. Document Cloud revenue was $634 million, representing 13 percent year-over-year growth or 16 percent in constant currency.\n\n\nNet new Digital Media Annualized Recurring Revenue (“ARR”) was $410 million, exiting the quarter with Digital Media ARR of $13.67 billion. Creative ARR grew to $11.28 billion and Document Cloud ARR grew to $2.39 billion.\n\n\nDigital Experience segment revenue was $1.18 billion, representing 11 percent year-over-year growth or 14 percent in const...