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Mar 03, 2023
Adobe Q1 2023 Earnings Report
Adobe drove record Q1 revenue and raised annual targets.
Key Takeaways
Adobe reported record revenue in Q1 fiscal year 2023, achieving $4.66 billion, a 9% year-over-year growth. The company is raising its annual targets based on market opportunity and confidence in execution.
Achieved revenue of $4.66 billion, representing 9% year-over-year growth.
Diluted earnings per share was $2.71 on a GAAP basis and $3.80 on a non-GAAP basis.
Digital Media segment revenue was $3.40 billion, a 9% year-over-year growth.
Net new Digital Media Annualized Recurring Revenue (ARR) was $410 million, exiting the quarter with Digital Media ARR of $13.67 billion.
Adobe
Adobe
Adobe Revenue by Segment
Revenue by Segment
Digital Media Revenue
CapyFin.comDigital Experience Revenue
CapyFin.com Forward Guidance
Adobe is providing second quarter targets and updated fiscal year 2023 targets for Digital Media net new ARR and earnings per share.
Positive Outlook
- Total revenue for Q2 is expected to be between $4.75 billion and $4.78 billion.
- Digital Media net new ARR for Q2 is expected to be approximately $420 million.
- Digital Media segment revenue for Q2 is expected to be between $3.45 billion and $3.47 billion.
- Digital Experience segment revenue for Q2 is expected to be between $1.21 billion and $1.23 billion.
- Digital Experience subscription revenue for Q2 is expected to be between $1.06 billion and $1.08 billion.
Revenue & Expenses
Visualization of income flow from segment revenue to net income