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Adobe delivers record revenue on Q4 earnings beat

Adobe delivered strong fourth quarter financial results Thursday as the company continues to push an aggressive cloud strategy toward record-setting revenue growth.

The creative software giant reported Q4 net income of $399.6 million, or 80 cents a share.

Non-GAAP earnings in the quarter were 90 cents a share on revenue of $1.61 billion, up 23 percent year over year.

Wall Street was looking for earnings of 86 cents a share on revenue of $1.59 billion.

For the year, Adobe’s revenue came in at $5.85 billion on earnings of $3.01 per share. Analysts were looking for revenue of $5.83 billion earnings of $2.98 per share.

“Adobe’s market-leading digital media and digital marketing solutions are revolutionizing how customers design and deliver exceptional digital experiences,” said Adobe CEO Shantanu Narayen. “We enter 2017 with significant market momentum and strong technology tailwinds.”

Elsewhere on the balance sheet, Adobe’s digital media business, which includes the Marketing and Document clouds, ended the quarter with a combined $4.01 billion in annualized recurring revenue, up from $3.41 billion in the previous quarter.

Creative Cloud revenue was $886 million, up 33 percent year over year. Meanwhile, Adobe Marketing Cloud brought in $465 million for the quarter, up 32 percent year over year.

(via PCMag)