Adobe Systems Inc. (Nasdaq:ADBE) today reported financial
results for its first quarter of fiscal year 2013 ended March 1, 2013.
Adobe achieved revenue of $1.008 billion, exceeding its targeted range of $950 million to $1 billion. During the quarter, the Company continued to accelerate adoption of Adobe Creative Cloud as it migrates to a subscription model in its Digital Media business. Adobe also achieved strong revenue growth with Adobe Marketing Cloud solutions in its Digital Marketing business.
First Quarter Financial Highlights
Diluted earnings per share were $0.13 on a GAAP-basis, and $0.35 on a non-GAAP basis.
Operating income was $98.2 million and net income was $65.1 million on a GAAP basis. Operating income was $240.7 million and net income was $177.9 million on a non-GAAP basis.
Cash flow from operations was $322.0 million.
Deferred revenue grew by $80.5 million to a record $700.0 million.
Adobe ended Q1 with 479 thousand paid Creative Cloud members, an increase of 153 thousand when compared to the number of members as of the end of Q4 fiscal year 2012.
Adobe Marketing Cloud achieved quarterly revenue of $215.4 million, which represents 20 percent year-over-year growth.
A reconciliation between GAAP and non-GAAP results is provided at the end of this press release.
"Creative Cloud is quickly becoming mainstream, with the overwhelming majority of Creative purchases on Adobe.com now being Creative Cloud subscriptions," said Shantanu Narayen, president and CEO, Adobe. "With Adobe Marketing Cloud, we are the partner of choice for chief marketing officers as we help our customers migrate their businesses online."
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