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Adobe | 8-K: First Quarter Fiscal 2024 Financial Results and New $25 Billion Share Repurchase Program

SEC announcement ·  Mar 14 16:28
Summary by Moomoo AI
On March 14, 2024, Adobe Inc. released its financial results for the first quarter of fiscal year 2024, which ended on March 1, 2024. The company reported an 11% year-over-year revenue growth to $5.18 billion, with a GAAP diluted earnings per share of $1.36 and non-GAAP diluted earnings per share of $4.48. Adobe's operating income was $907 million on a GAAP basis and $2.47 billion on a non-GAAP basis, with net income at $620 million (GAAP) and $2.05 billion (non-GAAP). The company also generated $1.17 billion in cash flows from operations and announced a new stock repurchase program authorizing the repurchase of up to $25 billion in common stock through March 14, 2028. Adobe's Digital Media segment saw a 12% year-over-year growth, with Creative revenue at $3.07 billion and Document...Show More
On March 14, 2024, Adobe Inc. released its financial results for the first quarter of fiscal year 2024, which ended on March 1, 2024. The company reported an 11% year-over-year revenue growth to $5.18 billion, with a GAAP diluted earnings per share of $1.36 and non-GAAP diluted earnings per share of $4.48. Adobe's operating income was $907 million on a GAAP basis and $2.47 billion on a non-GAAP basis, with net income at $620 million (GAAP) and $2.05 billion (non-GAAP). The company also generated $1.17 billion in cash flows from operations and announced a new stock repurchase program authorizing the repurchase of up to $25 billion in common stock through March 14, 2028. Adobe's Digital Media segment saw a 12% year-over-year growth, with Creative revenue at $3.07 billion and Document Cloud revenue at $750 million. The company's Digital Experience segment revenue grew by 10% year-over-year. Adobe's forward-looking statements included expectations for the second quarter of fiscal year 2024, with targets for total revenue, Digital Media net new ARR, Digital Experience segment revenue, and earnings per share. The company also highlighted the use of non-GAAP financial measures to provide a clearer picture of its operational performance and to facilitate comparisons with its competitors.

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