Adobe’s Q2 Earnings Beat Street With $1.011B In Revenue, $0.36 EPS, 700K Paying Creative Cloud Subscribers

Posted: June 19, 2013 in Adobe, GT
Tags: ,

Adobe just reported earnings for its second financial
quarter of 2013. The company reported revenue of
$1.011 billion and non-GAAP operating income of
$247.3 for an earnings per share of $0.36 (though
diluted GAAP earnings were only $0.15). That’s a
little bit better than most analysts expected, especially with respect to the company’s earnings per
share. The Wall Street consensus was that Adobe would
report revenue of about $1.01 billion and earnings per
share of $0.34. These numbers, it’s worth noting, are
very much in line with Adobe’s last quarter, when the
company announced revenue of $1.01 billion and
earnings per share of $0.35. In the year-ago quarter, however, Adobe still reported revenue of $1.12 billion. “Our Q2 results reflect our leadership position in
Digital Media and Digital Marketing,” said Shantanu
Narayen, Adobe’s president and chief executive
officer a canned statement today. “Creative Cloud is
revolutionizing the creative process, and Adobe
Marketing Cloud is quickly becoming the platform of choice for the world’s leading brands, advertising
agencies and media companies.” Adobe is clearly betting the company on its Creative
Cloud subscription service, which is set to almost
completely replace the company’s offering of shrink-
wrapped software. Just yesterday, Adobe launched
its latest offering of all of its major Creative Cloud
apps, and today, the company announced that Creative Cloud now has over 700,000 subscribers.
That’s up from 479,000 subscribers in the first quarter
of 2013. The vast majority (92 percent) of its
subscribers, Adobe says, are on its annual plan (vs.
paying a slightly higher fee for a month-to-month
subscription). Adobe itself expects to hit over 1.25 million Creative
Cloud subscribers by the end of the year and a
number of analysts believe this is actually a very
conservative number. Besides Creative Cloud, Adobe’s second main group
of services is its Marketing Cloud, which includes
services for social marketing, media optimization,
analytics, testing and targeting. Last quarter,
Marketing Cloud achieved quarterly revenue of $215.4
million, a 20 percent year-over-year increase. This time around, Adobe reported Marketing Cloud revenue
of $229.9 million.

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