Summary by Futu AI
Adobe achieved record revenue of $5.31 billion in Q2 fiscal 2024, representing 10% year-over-year growth or 11% in constant currency. GAAP operating income was $1.89 billion with diluted EPS of $3.49, while non-GAAP operating income reached $2.44 billion with EPS of $4.48. Cash flows from operations were $1.94 billion.Digital Media segment revenue grew 11% YoY to $3.91 billion, with Creative revenue up 10% to $3.13 billion and Document Cloud revenue increasing 19% to $782 million. Digital Experience segment revenue rose 9% to $1.33 billion, with subscription revenue growing 13% to $1.20 billion. The company added $487 million in net new Digital Media ARR, reaching total ARR of $16.25 billion.Based on strong Q2 performance, Adobe raised its fiscal year 2024 targets, now expecting total revenue of $21.40-21.50 billion, Digital Media net new ARR of ~$1.95 billion, and non-GAAP EPS of $18.00-18.20. The company's market-leading products, execution and financial discipline position it well for continued growth in the second half of 2024.
