The company appeared unperturbed by the macroeconomic environment, even as customers tighten their belts
Software giant Adobe posted record quarterly revenues, at $4.43 billion, and registered 15 percent year on year growth, buoyed by increased customer interest in tech solutions that increase efficiency while minimizing costs.
The company brought in a record $1.12 billion from its Experience Cloud product suite, which is aimed at helping enterprise clients manage customer experience. Company executives said its book of business has more than doubled since last year.
“Across the globe, companies in every industry are prioritizing investments in software solutions and services that enable them to anticipate and meet the expectations of their consumers,” said Anil Chakravarthy, President, Digital Experience. He added:
“Customer Experience Management is an imperative and Adobe is the category leader. In particular, we are driving strong enterprise adoption of Adobe Experience Platform and Real-Time CDP which are foundational to this next-generation enterprise architecture.”
Adobe Experience Cloud offers several different applications built on top of it, such as customer journey data, data insights and audiences workflow. In Q3, the company added several world leading brands to its client roster, including Morgan Stanley, NASA, and Qualcomm.
The news comes as Adobe announced its $20 billion acquisition of Figma, a software firm that makes design tools for technology companies. The deal will significantly strengthen Adobe’s design portfolio and further cement its status as the world’s foremost creative software company.
While an impending recession has affected CX companies, many of which have seen a slowing down in deal closings, Adobe appeared to be unfazed, perhaps due to its varied customer profile, which spans individuals to corporations.
Dan Durn, EVP and CFO, added: “Adobe delivered a solid Q3, continuing to demonstrate that our products are mission critical to our customer’s success in any macro environment, such as the large enterprises that have transformed how they interact with their end users by providing personalization at scale.”
Elsewhere, Experience Cloud was named a leader for the sixth consecutive year in the Gartner Magic Quadrant for Digital Commerce and achieved the highest position in the Forrester Wave for Enterprise Marketing Suites.