Summary by Moomoo AI
Adobe reported strong Q2 FY2024 financial results with revenue reaching $5.31 billion, up 10% year-over-year. Digital Media revenue grew 11% to $3.91 billion, with Creative revenue increasing 10% to $3.13 billion and Document Cloud revenue rising 19% to $782 million. Digital Experience segment revenue rose 9% to $1.33 billion. The company achieved Digital Media Annualized Recurring Revenue (ARR) of $16.25 billion.Operating income was $1.89 billion with a 36% operating margin. Net income increased 21% to $1.57 billion, while diluted earnings per share grew to $3.49. Cash flows from operations were $3.11 billion for the first half of fiscal 2024. The company maintained strong profitability while continuing investments in AI innovation, including Adobe Firefly and Acrobat AI Assistant.During the quarter, Adobe repurchased approximately 7.7 million shares and issued $2 billion in senior notes. The company's subscription revenue grew 12% year-over-year to $5.06 billion, representing 95% of total revenue. Adobe's strategic focus on AI-powered solutions and subscription-based offerings continues to drive growth across its Creative Cloud, Document Cloud and Experience Cloud portfolios.
