Adobe Inc (NASDAQ:ADBE) shares moved earthward first thing Thursday, on the release of financial information.
In its fourth quarter of fiscal year 2020, Adobe achieved record quarterly revenue of $3.42 billion, which represents 14% year-over-year growth. In fiscal year 2020, Adobe achieved record annual revenue of $12.87 billion, which represents 15% year-over-year growth.
“Adobe delivered record Q4 and FY20 revenue performance amidst an unprecedented macroeconomic environment,” said CEO Shantanu Narayen.
“As the undisputed leader in three growing categories – creativity, digital documents and customer experience management – we are well-positioned to capture the massive market opportunity ahead of us in 2021 and beyond.”
“The resilience of our business, our operational discipline and ability to derive insights from real-time data has enabled us to thrive in 2020,” said John Murphy, executive vice president and CFO, Adobe. “Our record Q4 cash flow demonstrates the strength of our operating model, and we look forward to delivering strong top- and bottom-line growth in 2021.”
In its fourth quarter of fiscal year 2020, Adobe created a new segment called “Publishing and Advertising,” which combines the Publishing segment with Advertising Cloud, which was previously included in the Digital Experience segment.
This realignment resulted from a change Adobe made in the fourth quarter to the way the company manages its Digital Experience business to better reflect the strategic shift related to Advertising Cloud and to align with our overall core value proposition of delivering on customer experience management.
ADBE shares plunged $7.42, or 5.2%, to $476.32.