Adobe beats Q1 estimates

Adobe delivered solid half-moon monetary results Th-that was yet again boosted by continual revenue from inventive Cloud. The package big rumored business enterprise first-quarter earnings of $398 million, or eighty cents a share.

Non-GAAP earnings within the quarter were ninety-four cents a share on revenue of $1.68 billion, up twenty-five p.c year-over-year.

Wall Street was probing for earnings of eighty-seven cents a share on revenue of $1.65 billion.

Adobe continues to reap the advantages from its successful migration to subscription-based services. The Photoshop maker aforementioned inventive Cloud revenue reached a record high this quarter, mounting forty-four p.c year-over-year to $942 million. Adobe aforementioned Q1 inventive Cloud growth was oxyacetylene by the SMB phase and powerful adoption of its inventive Cloud groups providing.

Meanwhile, Adobe promoting Cloud brought in $477 million for the quarter, a rise of twenty-six p.c on top of last year. Document Cloud revenue was $196 million, driven by continued adoption of jock subscriptions and add-on services like Adobe Sign. Revenue from Adobe’s Digital Media unit overall was $1.14 billion.

“Adobe achieved record revenue, profit, and income in Q1,” aforementioned Adobe CFO Mark Garrett. “Our solid execution and business momentum combined with sturdy market tailwinds provide America confidence in our ability to still deliver sturdy monetary results. we tend to stay optimistic regarding our prospects for the remainder of 2017 and on the far side.”

For the present quarter, Adobe currently comes revenue $1.73 billion. Analysts area unit probing for earnings of a minimum of ninety-one cents a share on revenue of $1.72 billion.