Adobe hits $US1B in quarterly revenue for first time
- — 21 December, 2010 09:21
For the first time in the company's history, Adobe Systems has generated over $US1 billion in revenue within a single fiscal quarter, it reported Monday.
In the fourth quarter of fiscal 2010, Adobe recorded revenue of $1.008 billion, a 33 per cent increase from the $757.3 million it reported for the fourth quarter of fiscal 2009. It reported $990.3 million in the third quarter of this fiscal year.
Only a select few IT companies are able to generate over a billion in revenue for a given quarter. By way of comparison, Microsoft reported $12.92 billion in revenue for its first fiscal quarter of 2010.
Overall, for the the full fiscal 2010 year, Adobe reaped $3.8 billion in revenue, up 29 per cent from fiscal 2009, which was approximately $2.9 billion.
Adobe president and CEO Shantanu Narayen attributed the revenue growth to the company's wide range of digital creation tools. "We are one of the most diversified software companies in the world and are entering 2011 with strong momentum," Narayen said in a statement.
The company reported GAAP (generally accepted accounting principles) net income was $268.9 million of the fiscal quarter, compared to a GAAP net loss of $32.0 million reported a year earlier.
Non-GAAP net income amounted to $285.7 million for this quarter, compared to $206.8 million in the fourth quarter of fiscal 2009. Adobe attributed the disparity between the non-GAAP and GAAP net income to a tax audit, as well as deferred stock compensation.
The company remains optimistic about maintaining its standing in the billion dollar club: It predicts that, for its first quarter of 2011, it will generate $1 billion to $1.05 billion in revenue.