Summary by Moomoo AI
Adobe, a global technology company, reported strong financial performance in the first quarter of fiscal 2024, with significant growth in its Digital Media and Digital Experience segments. The company's Digital Media ARR increased to $15.76 billion, up from $15.33 billion at the end of fiscal 2023. Creative revenue grew by 11% year-over-year to $3.07 billion, while Document Cloud revenue saw an 18% increase to $750 million. Total Digital Media segment revenue rose by 12% to $3.82 billion. Adobe's Digital Experience segment also performed well, with revenue increasing by 10% to $1.29 billion, driven by a rise in subscription revenue. The company's overall revenue for the quarter was $5.18 billion, marking an 11% increase from the previous year. Despite these gains, Adobe's net income fell by 50% to $620 million, primarily...Show More
