Digital media and marketing software firm Adobe Inc. (ADBE) reported its second-quarter results on Thursday, June 13. The company modestly surpassed the analyst’s estimates driven by advancements across its core product offerings: Creative Cloud, Document Cloud, and Experience Cloud. As investors cheered its promising outlook, the stock jumped 17% in extended trading.
In the fiscal first quarter (ended on May 31, 2024), ADBE reported a total revenue of $5.31 billion, reflecting a 10.2% year-over-year increase. The net new annualized recurring revenue for the Digital Media business, including Creative Cloud subscriptions, came in at $487 million.
