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Mar 05, 2021
Adobe Q1 2021 Earnings Report
Adobe's Q1 2021 results reflected record quarterly revenue and raised annual targets.
Key Takeaways
Adobe achieved record quarterly revenue of $3.91 billion, representing 26 percent year-over-year growth. Diluted earnings per share was $2.61 on a GAAP basis, and $3.14 on a non-GAAP basis. The company is raising its annual targets based on the strong Q1 results.
Adobe achieved record quarterly revenue of $3.91 billion, a 26% year-over-year increase.
Digital Media segment revenue was $2.86 billion, representing 32% year-over-year growth.
Digital Media ARR increased $435 million quarter-over-quarter to $10.69 billion exiting the quarter.
GAAP operating income was $1.45 billion, and GAAP net income was $1.26 billion.
Adobe
Adobe
Adobe Revenue by Segment
Revenue by Segment
Digital Media Revenue
CapyFin.comDigital Experience Revenue
CapyFin.com Forward Guidance
Adobe provides second quarter and updated fiscal year 2021 financial targets.
Positive Outlook
- Total revenue target of approximately $3.72 billion for Q2 2021.
- Digital Media segment revenue target of approximately 21 percent year-over-year growth for Q2 2021.
- Digital Media annualized recurring revenue (ARR) target of approximately $450 million of net new ARR for Q2 2021.
- Digital Experience segment revenue target of approximately 18 percent year-over-year growth for Q2 2021.
- Total revenue target of approximately $15.45 billion for fiscal year 2021.
Challenges Ahead
- GAAP tax rate target of approximately 19.5 percent for Q2 2021.
- Non-GAAP tax rate target of approximately 16 percent for Q2 2021.
- Share count of approximately 482 million shares for Q2 2021.
- GAAP tax rate target of approximately 17.5 percent for fiscal year 2021.
- Share count of approximately 481 million shares for fiscal year 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income