Summary by Moomoo AI
Adobe, a global technology company, reported strong financial performance in the second quarter of fiscal 2024, with significant growth in its Digital Media and Digital Experience segments. The company's total Digital Media Annualized Recurring Revenue (ARR) reached approximately $16.25 billion, a 6% increase from the previous fiscal year-end. Creative revenue grew by 10% year-over-year to $3.13 billion, while Document Cloud revenue saw a 19% increase to $782 million. Overall, Digital Media segment revenue rose to $3.91 billion, marking an 11% year-over-year growth. The Digital Experience segment also performed well, with a 9% year-over-year increase in revenue to $1.33 billion, driven by a 13% growth in subscription revenue. Adobe's net income for the quarter was $1.57 billion, a substantial 21% increase from the same period last...Show More