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Nikon Q2 financial results: better-than-expected revenue with plans to cut expenses and increase focus on higher-end cameras, lenses

07 Nov

Nikon has released financial results for the second quarter (Q2) of its 2021 fiscal year, which starts April 1 (2020) and ends March 31 (2021), revealing a larger operating loss than forecasted despite higher-than-expected revenue.

As tends to be the case with financial results, there are plenty of nuances hidden within the broader numbers, but what is clear is Nikon’s Imaging Products Business is going through changes, not unlike Canon, which is also transitioning its product line and production facilities away from DSLRs and towards mirrorless.

Q2 Financial Highlights by segment. We have highlighted the Imaging Products Business, with the last column being the Q2 FY2021 results.

Starting with the Q2 results for Nikon’s Imaging Products Business, Nikon reports operating revenue of ¥39.3B ($ 372M) and an operating loss of ¥19.3B ($ 184.3M), down ¥12.4B and ¥17.8B, respectfully year-over-year (YoY) for Q2. Nikon further breaks down unit sales in the Imaging Products Business division, noting it sold 240K interchangeable lens cameras (ILC), 70K compact cameras and 390K interchangeable lenses. These numbers are down 31%, 73% and 29%, respectively, YoY for Q2.

An overview of the revenue and operating profit/loss for H1 FY2021 by segment.

Looking at the first half (H1) of Nikon’s Imaging Products Business’ FY2021, the company reported revenue of ¥64.4B ($ 615M) and an operating loss of ¥27.4B ($ 261M). This puts revenue above Nikon’s ¥55B forecast, but it seems expenses outpaced gains, as the company had previously forecast an operating loss of only ¥20B. Unit sales for H1 were also down across the board, with 380K ILC, 120K compact cameras and 610K interchangeable lenses being sold. That’s down 52.5%, 76% and 53%, respectively, compared to H1 FY2020.

A breakdown of camera unit sales per quarter going back to FY2018.

While the operating loss looks grim, it needs to be placed in context. Nikon cites ‘impairment losses on production equipment at production sites in Thailand, etc.’ as the reason for over half of this loss (¥15.6B, to be precise). These ‘impairment losses’ suggest Nikon is depreciating or downright writing-off the value of manufacturing equipment at its Thailand factories. Given the transition to new lines for mirrorless products, this isn’t a huge surprise. It’s likely the equipment Nikon is depreciating is that it used to produce its DSLRs (we know that Nikon is using new, more automated assembly lines for at least some of its Z series mirrorless cameras).

Note the additional comments in the yellow box at the bottom of this presentation slide.

Nikon notes its mirrorless camera sales volumes increased year-over-year, the percentage of revenue from its pro and hobbyist cameras increased ‘steadily’ and even says it saw a ‘better-than-expected market recovery from the impact of COVID-19.’

For its full FY2021 forecast, Nikon says it expects its Imaging Products Business to show ¥140B in revenue and an operating loss of ¥45B.

Moving forward, Nikon makes its plan for its Imaging Products Business clear: reduce business costs faster than the rate of shrinkage the camera market is experiencing and ‘Shift to a structure that secures profits constantly even when revenue drops.’ It hopes to reduce costs by more than ¥80B by the end of its FY2022 through ‘substantially lowering the breakeven point through improving productivity, production consolidation, headcount optimization and impairment losses of equipment.’ It also states it will be focusing on its pro and hobbyist products, which it wants to see as the bedrock of its Imaging Products Business. This assessment and approach is similar to the one Olympus has been taking for a few years now—downsize the business to match the market size, which is shrinking across the board.

Nikon also says it wants its Imaging Products Business to enter new fields, including more business-to-business deals. What exactly this looks like remains to be seen, as no details are given, but Nikon says it intends to ‘actively leverage [its] image processing, sensing technology’ and more.

If we’re to summarize this Q2 financial report into a single sentence, it’s this: Nikon plans to cut costs as much as possible to account for a clearly shrinking camera market while also focusing on its higher-end cameras and lenses, which are steadily increasing as a percentage of Nikon’s sales. This should come as good news to experienced Nikon shooters, particularly those who have already or are looking to dive into Nikon’s Z series mirrorless cameras and lenses; more cameras and lenses are on the way.

Articles: Digital Photography Review (dpreview.com)

 
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Nikon’s FY2020 financial results: ¥225.8B in revenue, ¥17.1B loss in operating profit for Imaging Products Business

29 May

As it promised when it initially pushed back the release date, Nikon has released the financial results today for its 2020 fiscal year (FY2020), ending March 31, 2020, as well as its forecast for its 2021 fiscal year (FY2021).

Overall, Nikon Corporation recorded ¥591B in revenue and ¥6.7B in operating profit. These numbers align with what Nikon’s updated forecast suspected and are a decrease of ¥117.6B and ¥75.9B, respectively, year-over-year (YOY).

An overview of Nikon’s revenue, operating profit and more for FY2020.

Interestingly, Nikon attempts to quantify the impact of the COVID-19 pandemic, with its report saying it believes the pandemic has caused 10 billion yen in operating profit losses. Specifically, Nikon attributes ‘approximately 4 billion yen’ of that loss to its Imaging Products division ‘Due to product mix change by [the] suspension of distributors mainly selling mid- and high-end cameras, and delay of launch in main products including professional use products by stagnation of the supply chain.’

Diving specifically into its Imaging Products Business, Nikon recorded ¥225.8B in revenue and a loss of ¥17.1B in operating profit. These numbers are both worse than Nikon’s February 2020 forecast and are a decrease of ¥70.3B and ¥39.1B, respectively. The documents reveal Nikon sold 1.62 million interchangeable lens camera (ILC) units and 2.65 million interchangeable lens units, with just 840,000 compact digital cameras sold. These unit numbers are a decrease of 21.4%, 16.4% and 47.5%, respectively, YOY.

Nikon’s breakdown of the FY2020 results for its Imaging Products Business.

In notes on the revenue of its Imaging Products Business, Nikon says revenues were ‘progressing mostly in line with previous forecasts until the middle of February,’ when the COVID-19 started to wreak havoc on the supply chain and retailers. Nikon again reiterates that it’s had to delay new product launches ‘such as high-end DSLR cameras and [mirrorless lenses]’ due to the impact of the COVID-19 pandemic. This is referencing the delay of Nikon D6 shipments and suggests the Nikkor Z 70-200mm F2.8 VR S zoom delay back in January could’ve been due to COVID-19 complications as well, even though at the time Nikon said it was caused by ‘production reasons.’ Nikon also notes sales of its Z-series mirrorless cameras and Z-series lenses have increased, and that the volume/sales ratio of mid-range and high-end cameras ‘improved steadily’ YOY.

Additional comments under the ‘Operating Profit’ headline note Nikon incurred ¥2.7B in restructuring costs and posted ¥6.6B in fixed asset impairment losses, which were detailed in its statement earlier this month.

As for FY2021, Nikon doesn’t share too much information, saying performance forecast details will ‘be disclosed once reasonable estimation can be given as the impact of COVID-19 is uncertain.’ Numbers aside, Nikon notes sales for its imaging Products Business ‘decreased significantly YOY’ in April and May of this year and notes that ‘the business of luxury goods is expected to continue in a severe business environment for the time being, and the deficit for the second consecutive fiscal year is inevitable.’

The executive summary section of the report details how Nikon plans to approach its various divisions in the upcoming year.

Under the executive headline, Nikon says its strategy for the Imaging Products Business is to ‘rebuild business with an understanding of accelerating market shrinkige [and] aim to achieve early profitability.’ In other words, Nikon plans to optimize its Imaging Products Division to get ahead of the quickly-shrinking camera market by restricting and minimizing costs.

You can find all of the latest financial results and presentation materials referenced above on Nikon’s investor relations website.

Articles: Digital Photography Review (dpreview.com)

 
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Instagram allegedly raked in $20 billion in ad revenue last year

11 Feb

YouTube, the most popular video platform on the Internet, didn’t manage to make as much revenue in 2019 as image-based social network Instagram, according to a new report from Bloomberg. Sources claim that Instagram made $ 20 billion in ad revenue last year compared to YouTube’s $ 15.1 billion in ad revenue during the same time period.

The $ 20 billion figure, assuming it is accurate, is almost unfathomable compared to the $ 715 million Facebook paid for Instagram when it acquired it in 2012. Facebook does not officially disclose Instagram’s ad revenue separately from its other products; the company hasn’t commented on the report. As of 2018, Facebook said that it had more than 1 billion users on Instagram.

At $ 20 billion, Instagram would have represented more than a quarter of Facebook’s 2019 revenue, according to Bloomberg. Facebook has made a number of changes to Instagram since acquiring the service, the most recent being its decision to hide public ‘likes’ on the platform. Sources claimed late last year that Facebook decided to hide ‘likes’ so that users will post more often, boosting ad revenue as a result.

Articles: Digital Photography Review (dpreview.com)

 
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Adobe announces record Q4 with annual revenue of $11 billion in 2019

14 Dec

Adobe has announced its fiscal fourth quarter and fiscal 2019 financial results, revealing that they set new quarterly and annual revenue records for the company.

During its fourth quarter, which ended on November 29, Adobe saw quarterly revenue of $ 2.99 billion, a 21% year-over-year increase. With that quarter finalized, Adobe has revealed record annual revenue totaling $ 11.17 billion, a 24% year-over-year increase over its fiscal year 2018.

Adobe President and CEO Shantanu Narayen called the performance ‘phenomenal,’ citing both loyal customers and product innovation as among the reasons for its success.

The company reports growth across multiple business segments, including a 22% year-over-year Digital Media segment quarterly revenue increase to $ 2.08 billion. Adobe’s Creative and Document Cloud segments also grew during Q4 with revenues of $ 1.74 billion and $ 339 million, respectively.

Adobe expects its performance to continue trending upward through its first fiscal quarter of the new year. In Q1 2020, the company is aiming for around $ 3.04 billion in quarterly revenue with continued growth in its Digital Media and Digital Experience segments.

Looking outward at the full fiscal year 2020, Adobe is targeting annual revenue of around $ 13.15 billion with significant growth in its Digital Media and Digital Experience segments, as well as growth in its Digital Experience subscription revenue and bookings.

Via: Adobe

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Kodak’s film business saw a revenue increase of 21% last quarter, but overall profit is down

12 Nov

Eastman Kodak has announced that revenue for its film business grew in the last quarter by 21%, offering a rare glimmer of positive news in a generally shrinking market. The growth though is somewhat tempered by the fact that the company made a loss of $ 5 million over all in the same period, and that total revenue was down compared to the same quarter last year.

Much of the company’s business is tied up in the industrial sector with specialist printing and graphics applications, and a deal with Chinese counterpart Lucky has seen it off-loading a printing plate factory in China while securing licence fees from Lucky for the use of Kodak technology. The deal also ensures that Lucky will provide services to Kodak so it can fulfil its own customer demand.

It would be nice to think that the uplift in the film business came from a rush in demand from enthusiast and professional stills photographers through sales to Kodak Alaris, but it is likely that it is the movie industry that is driving that growth. A number of recent big-budget films have been shot using Kodak stock including Once Upon A Time In Hollywood, Ad Astra and half of The Irishman – all of which have a run time of between 2 and 3 and a half hours. That’s a lot of film!

Hopefully this success will spur the company on to produce the 120 version of Ektachrome E100 that we’ve been waiting for since the summer.

For more information see the Kodak website.

Press Release:

Kodak Reports Third-Quarter Revenue of $ 315 Million and Growth in Key Product Areas

ROCHESTER, N.Y.–Eastman Kodak Company (NYSE: KODK) today reported financial results for the third quarter 2019, including a net loss of $ 5 million on revenues of $ 315 million and growth in key print and film product areas.

Highlights include:

GAAP net loss of $ 5 million for the quarter ended September 30, 2019, compared to GAAP net earnings of $ 19 million for the quarter ended September 30, 2018.

Revenues for Q3 2019 of $ 315 million compared to revenues for Q3 2018 of $ 329 million.

Operational EBITDA for the quarter of $ 14 million compared to Operational EBITDA of $ 9 million in the prior-year period.

The Company finalized the establishment of a strategic relationship with Lucky HuaGuang Graphics Co, Ltd in the People’s Republic of China, including the sale of Kodak’s offset printing plates facility in Xiamen, China, a supply agreement to help Kodak fulfill its customer demand, and an IP agreement under which Kodak licenses its plates technology to HuaGuang to expand the market in China. The current quarter Operational EBITDA includes $ 13 million of license revenue received from this transaction.

Key product lines achieved strong year-over-year growth for the year to date:
Volume for KODAK SONORA Process Free Plates grew by 22 percent.

Annuities revenues for the KODAK PROSPER Inkjet Platform grew by 5 percent.
Revenues for the Company’s film business grew 21 percent year over year for the year to date.

The Company ended the quarter with a cash balance of $ 225 million.

“The Company will continue to concentrate on delivering industry-leading solutions to customers in our core print and film businesses,” said Jim Continenza, Kodak’s Executive Chairman. “Looking ahead to 2020, we will focus on generating cash by growing profitable revenue, making smart investments and eliminating unnecessary spending.”

For the quarter ended September 30, 2019, revenues decreased by approximately $ 14 million compared with the same period in 2018. Kodak ended the quarter with a cash balance of $ 225 million, an increase of $ 27 million from the June 30, 2019 cash balance of $ 198 million when adjusted for the assets associated with Kodak’s offset printing plates facility in Xiamen, China being reported as assets held for sale. The current quarter revenues and Operational EBITDA include $ 13 million of license revenue related to the HuaGuang Graphics Co. Ltd transaction.

“We have strengthened our financial position by eliminating significant interest costs with the transactions completed earlier in the year,” said David Bullwinkle, Kodak’s CFO. “For the year to date we have delivered growth in SONORA Process Free Plates, PROSPER Inkjet annuities and our film business. We plan to build on those successes and drive further cost efficiencies to help achieve our goal of generating cash.”

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Nikon reports its Imaging Business revenue dropped nearly 18% year-over-year

10 May

Nikon Corporation held its latest earnings call earlier today and has since published the full financial details for its fiscal year (FY) 2019, which ran from April 1, 2018, to March 31, 2019. Though many numbers were positive, Nikon’s Imaging Products Business segment was the glaring exception with a substantial revenue decrease of 17.9% compared to FY 2018.

The Nikon Imaging Products Business reports revenue of ¥296.1B for its most recent fiscal year, a ¥64.6B decrease year-on-year. Though sales and revenue for full-frame cameras experienced growth over the last two years, Nikon reports falling ¥8.9B short of the sales forecast for its interchangeable lens cameras and lenses.

The Imaging business segment reports a fiscal year operating profit of ¥22.6B, a year-on-year drop of ¥8.2B. In comparison, Nikon saw revenue and operating profit increases across both its Precision Equipment and Healthcare businesses, and only a slight 1% drop in revenue across its other segments.

Looking forward, Nikon plans to expand its product line over the fiscal year that will end on March 31, 2020, but expects ‘substantial revenue reduction’ during the same time period ‘due to unit sales decrease of the existing products mainly in DSLR.’ In regards to the Imaging segment’s operating profit forecast, Nikon said, ‘Further cost-effective measures shall offset the profit reduction partially.’

The numbers follow a CIPA report published last month that revealed a year-on-year decrease in the interchangeable lens camera market, which fell from 798,014 global shipments in February 2018 to 521,217 shipments in February 2019. That decrease was part of an overall downward trend that saw total global digital camera shipments fall from 1,001,398 units in January 2019 to 935,148 units in February.

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Adobe reveals record-breaking quarterly revenue in Q2 2018

20 Jun

Adobe has announced a new quarterly revenue record of $ 2.20 billion for its 2018 second fiscal quarter. The company saw 22% growth to $ 1.55 billion in its Digital Media segment, which includes $ 1.30 billion for Creative and a record $ 243 million for Document Cloud. The company’s Digital Experience segment experienced 18% growth to hit $ 586 million during Q2 2018, as well.

Overall, Adobe saw its year-on-year net income increase 77% on a GAAP-basis, as well as a 39% operating income increase. Looking at its Digital Media Annualized Recurring Revenue (ARR), Adobe saw its second fiscal quarter end with a $ 343 million increase to $ 6.06 billion. The Creative ARR hit $ 5.37 billion, while Document Cloud ARR increased to $ 694 million.

Talking about the record quarter, Adobe President and CEO Shantanu Narayen said:

Adobe delivers all the capabilities to enable transformative digital experiences, including content creation and management, predictive analytics and commerce. Our record results in Q2 reflect continued execution against this significant opportunity where Adobe is the clear market leader.

Narayen cited a partnership with Microsoft as a factor contributing to the favorable quarterly results, according to CNBC. Having beat analysts expectations this in Q2, Adobe anticipates third fiscal quarterly revenue of $ 2.24 billion.

Via: Adobe

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Adobe posts record revenue yet again, earning $2.08 billion in Q1 of 2018

17 Mar
Photo by Kevin

It’s starting to feel old hat by now: another quarter, another record-breaking earnings report coming out of Adobe. No matter how much people—present company certainly not excluded—gripe about Adobe’s move to the Creative Cloud subscription model, the software company is absolutely raking in the dough as a result.

The last record-breaking revenue report we shared out of Adobe came in Q3 of 2017, when Adobe announced that it had earned $ 1.84 billion that quarter. Now, in Q1 of 2018, the company is staring at that figure in the rearview mirror.

This quarter, Adobe is posting record quarterly revenue of $ 2.08 billion, $ 1.23 billion of which came straight from Creative Cloud in the Digital Media Segment. That $ 2.08B figure represents a jump of 24 percent year-over-year, and contributes to the 43 percent growth in YoY operating income and 64 percent growth in YoY net income that Adobe also revealed.

You can dive into the nitty gritty details in the release below, and see the full number-by-number breakdown in this PDF.

Press Release

Adobe Achieves Record Revenue

Creative ARR Exceeds $ 5 Billion in Q1 FY2018

Thursday, March 15, 2018 4:05 pm EDT | San Jose, California – Adobe (Nasdaq:ADBE) today reported strong financial results for its first quarter fiscal year 2018 ended March 2, 2018.

Financial Highlights

  • Adobe achieved record quarterly revenue of $ 2.08 billion in its first quarter of fiscal year 2018, which represents 24 percent year-over-year revenue growth.
  • Diluted earnings per share was $ 1.17 on a GAAP-basis, and $ 1.55 on a non-GAAP basis.
  • Digital Media segment revenue was $ 1.46 billion, with Creative revenue growing to $ 1.23 billion and Document Cloud achieving revenue of $ 231 million.
  • Digital Media Annualized Recurring Revenue (“ARR”) grew to $ 5.72 billion exiting the quarter, a quarter-over-quarter increase of $ 336 million. Creative ARR grew to $ 5.07 billion, and Document Cloud ARR grew to $ 647 million.
  • Digital Experience segment revenue was $ 554 million, which represents 16 percent year-over-year growth.
  • Operating income grew 50 percent and net income grew 46 percent year-over-year on a GAAP-basis; operating income grew 43 percent and net income grew 64 percent year-over-year on a non-GAAP basis.
  • Cash flow from operations was $ 990 million, and deferred revenue grew 25 percent year-over-year to approximately $ 2.57 billion.
  • Adobe repurchased approximately 1.6 million shares during the quarter, returning $ 301 million of cash to stockholders.

A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe’s website.

Executive Quotes

“Adobe’s outstanding growth is driven by enabling our customers to be more creative, work smarter and transform their businesses through our relentless focus on delivering innovation and intelligence across our solutions,” said Shantanu Narayen, president and CEO, Adobe.

“Our leadership in the large addressable markets we created, combined with Adobe’s leveraged operating model, contributed to another record quarter in Q1,” said Mark Garrett, executive vice president and CFO, Adobe.

Adobe to Webcast Earnings Conference Call

Adobe will webcast its first quarter fiscal year 2018 earnings conference call today at 2:00 p.m. Pacific Time from its investor relations website: www.adobe.com/ADBE. Earnings documents, including Adobe management’s prepared conference call remarks with slides, financial targets and an investor datasheet are posted to Adobe’s investor relations website in advance of the conference call for reference. A reconciliation between GAAP and non-GAAP earnings results and financial targets is also provided on the website.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including those related to customer success, product innovation, business momentum, our addressable market, revenue, annualized recurring revenue, non-operating other expense, tax rate on a GAAP and non-GAAP basis, earnings per share on a GAAP and non-GAAP basis, and share count, all of which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure to develop, acquire, market and offer products and services that meet customer requirements, failure to compete effectively, introduction of new technology, complex sales cycles, risks related to the timing of revenue recognition from our subscription offerings, fluctuations in subscription renewal rates, potential interruptions or delays in hosted services provided by us or third parties, risks associated with cyber-attacks, information security and privacy, failure to realize the anticipated benefits of past or future acquisitions, changes in accounting principles and tax regulations, uncertainty in the financial markets and economic conditions in the countries where we operate, and other various risks associated with being a multinational corporation. For a discussion of these and other risks and uncertainties, please refer to Adobe’s Annual Report on Form 10-K for our fiscal year 2017 ended Dec. 1, 2017, and Adobe’s Quarterly Reports on Form 10-Q issued in fiscal year 2018.

The financial information set forth in this press release reflects estimates based on information available at this time. These amounts could differ from actual reported amounts stated in Adobe’s Quarterly Report on Form 10-Q for our quarter ended March 2, 2018, which Adobe expects to file in March 2018.

Adobe assumes no obligation to, and does not currently intend to, update these forward-looking statements.

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Leica Camera reports ‘strong revenue growth’ for 2016/2017 fiscal year

02 Dec

In recent years, financial reports from major camera manufacturers haven’t typically made for overly positive news stories; however, Leica Camera AG is bucking this trend with the announcement of its results for the 2016/2017 financial year ending March 31st. Apparently, the German camera maker has been able to grow revenue by 6 percent, despite the global camera market declining by around 10 percent over the same period.

Leica cites systematic realignment of the company over recent years as the main driver of the positive development.

At the heart of this realignment lies the establishment of an in-house retail distribution division that now controls a network of 90 monobrand stores around the globe. The company says this move has been vital in promoting the brand, and the retail network is set to expand even further in the near future. China is currently Leica’s number one growth market, and 20 to 30 new stores are planned in the country alone.

Other important initiatives include the Leica Akademie brand—which aims to increase brand awareness among younger target groups—and the company’s collaboration with Chinese smartphone maker Huawei on the cameras in their latest high-end devices.

The upward trend has reportedly continued into the 2017/2018 financial year, leading CEO of Leica Camera AG, Matthias Harsch, to predict record-breaking growth for this coming year.

Its important to note, however, that at least part of Leica’s future growth will have nothing to do with photography. In 2017, the company entered into the eyewear segment under the Leica Eyecare brand, which Leica says will “systematically tap into this global market in conjunction with its technology partner Novacel.”

Press Release

Leica Camera AG Records Strong Revenue Growth for the 2016/2017 Financial Year and Bucks the Downward Trend in the Camera Market

The Leica Camera Group achieved revenue of almost 400 million euros in the past financial year 2016/2017 (31 March 2017) and can therefore look back very positively on the previous twelve-month period. With strong revenue growth of more than six per cent, Leica bucked the overall downward trend in the global camera market, which declined by around 10 per cent in the same period.

In the first few months of the current financial year 2017/2018, cumulative growth stands at 15 per cent, thus underscoring the positive global performance of Leica Camera AG. Despite a market environment that remains challenging, the CEO of Leica Camera AG, Matthias Harsch, once again expects a record-breaking result for the 2017/2018 financial year. As a result, the revenue of Leica Camera AG has increased more than fourfold since anchor investor and majority shareholder Dr Andreas Kaufmann came on board in 2004.

The main driver of growth is the systematic realignment of the company that has taken place in recent years. In particular, the setting up of an in-house Retail Distribution division has made a major contribution to revenue growth. Leica now has 90 monobrand stores around the world, which are vital in terms of promoting brand experience in the context of photography. ‘China is our number-one growth market,’ says Matthias Harsch, who is planning 20 to 30 new stores in the country alone. The Group is now strengthening its presence in the service sector with the Leica Akademie brand in order to boost the appeal of photography amongst younger target groups.

The extremely successful technology and brand partnership with Chinese company Huawei in the field of mobile phone photography makes Leica one of the world’s leading providers of smartphone lens applications, a burgeoning technology segment that serves as a global basis for new product ideas and applications in photography.

The entry of Leica into the eyewear segment (glasses) – a move that was completed in 2017 – offers further potential for strong revenue growth in the years ahead. Operating under the name of Leica Eyecare, the company will systematically tap into this global market in conjunction with its technology partner Novacel.

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Adobe announces record-breaking $1.84 billion in revenue for Q3

21 Sep

Adobe has once again posted record quarterly revenue, this time for the fiscal quarter that ended on September 1, 2017. The software company experienced a 26% year-on-year revenue growth with $ 1.84 billion in its third fiscal quarter this year. Of that, $ 1.27 billion came from the company’s Digital Media segment, including Creative Cloud. On a GAAP basis, Adobe saw its year-on-year net income grow 55% and its operating income grow 48%.

We’ll give you a moment to take that in… 55% net income growth, and a fiscal quarter of $ 1.84 billion. The jump to a subscription model is treating the company VERY well.

This marks yet another high point for Adobe, which previously posted record revenue during its second fiscal quarter ending in June 2017. During its Q2, Adobe made then record-setting $ 1.77 billion with its Digital Media segment having driven that revenue.

Looking forward, Adobe anticipates fourth fiscal quarterly revenue of $ 1.95 billion, which would once again keep it in line with analysts’ expectations and set yet another record. Financial highlights from Adobe for Q3 are listed below:

  • Adobe achieved record quarterly revenue of $ 1.84 billion in its third quarter of fiscal year 2017, which represents 26 percent year-over-year revenue growth.
  • Diluted earnings per share was $ 0.84 on a GAAP-basis, and $ 1.10 on a non-GAAP basis.
  • Digital Media segment revenue was $ 1.27 billion, with Creative revenue growing to $ 1.06 billion.
  • Digital Media Annualized Recurring Revenue (“ARR”) grew to $ 4.87 billion exiting the quarter, a quarter-over-quarter increase of $ 308 million.
  • Adobe Experience Cloud achieved revenue of $ 508 million, which represents 26 percent year-over-year growth.
  • Operating income grew 48 percent and net income grew 55 percent year-over-year on a GAAP-basis; operating income grew 43 percent and net income grew 46 percent year-over-year on a non-GAAP basis.
  • Cash flow from operations was $ 704 million, and deferred revenue grew to approximately $ 2.20 billion.
  • The company repurchased approximately 2.1 million shares during the quarter, returning $ 298 million of cash to stockholders.

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