Adobe Reports Record Revenues

Adobe reported that it earned a net income of $1.1 billion on revenues of $4.4 billion for the quarter ending September 2. The latter figure is up 12.7 percent year-over-year (YOY) and represents a record for the company.

“Fueled by our groundbreaking technology, track record of creating and leading categories, and consistent execution, Adobe delivered another record quarter,” Adobe chairman and CEO Shantanu Narayen said. “With the announcement of our intent to acquire Figma, we believe we have a unique opportunity to usher in a new era of collaborative creativity.”

Adobe’s Digital Media segment was, of course, its biggest business, with revenues of $3.23 billion in the quarter, up 13 percent YOY. That segment is split into Creative and Document Cloud sub-businesses, which earned $2.63 billion (up 11 percent) and $607 million (up 14 percent) in revenues, respectively.

Adobe’s other two main segments, Digital Experience and New Digital Media Annualized Recurring, delivered $981 million and $449 million in revenues in the quarter, respectively, up 14 percent and 15 percent, respectively.

In related news, Adobe also announced that it will acquire the makers of the collaborative design tool Figma for $20 billion in cash and stock.