Cloud-driven Adobe reports $1.84 bn revenue in Q3

New Delhi, Sep 20 (IANS) Riding on its unique Cloud offerings, Adobe achieved a record quarterly revenue of $1.84 billion in its third quarter of 2017, which represents 26 percent year-over-year (y-o-y) revenue growth.

Adobe Experience Cloud achieved revenue of $508 million, the company said in a statement on Wednesday.

"Adobe delivered another record quarter with stellar year-over-year revenue growth of 26 per cent," said Shantanu Narayen, President and CEO, Adobe.

"The imperative to deliver intelligent, intuitive and effective customer experiences is key to the C-suite agenda of digital transformation, and Adobe’s cloud offerings are critical to that business mandate," Narayen added.

The bouquet of offerings like Experience Cloud, Creative Cloud and Document Cloud helped Adobe achieved a record quarterly revenue of $1.77 billion in the second quarter of 2017.

Adobe is now investing in new-age tools like deep machine learning, artificial intelligence (AI) and virtual reality (VR) to enhance its product portfolio.

"Our results in Q3 once again reflect the leverage of our financial model, with record revenue driven by our cloud-based subscription offerings, strong earnings and cash flow from operations," said Mark Garrett, Executive Vice President and CFO, Adobe.