Creating a culture club builds ownership of teamwork
Workplace cultures are the sum of everyone’s beliefs, behaviours, attitudes and skills. This means that no single person is responsible for culture, it belongs to the team.
It achieved a record quarterly revenue of US$3.09 billion in its first quarter of fiscal year 2020
Adobe has released record first-quarter 2020 results, but does expect to be impacted by COVID-19 in its upcoming quarter.
It achieved a record quarterly revenue of US$3.09 billion in its first quarter of fiscal year 2020, representing 19 per cent year-over-year growth. Digital media segment revenue was US$2.17 billion, 22 per cent year-over-year growth, while creative revenue grew to US$1.82 billion and Document Cloud revenue was US$351 million.
Digital Media Annualized Recurring Revenue (ARR) grew to US$8.73 billion exiting the quarter, a quarter-over-quarter increase of US$400 million. Creative ARR grew to US$7.58 billion, and Document Cloud ARR grew to US$1.15 billion.
However, the current global health crisis is affecting some earnings. Diluted earnings per share was US$1.96 on a GAAP basis, and $2.27 on a non-GAAP basis. Adobe’s earnings per share results factor an expense charge related to the cancellation of corporate events including Adobe Summit due to COVID-19, which impacted both GAAP and non-GAAP earnings per share by $0.07 in the quarter.
"We delivered a record Q1 and our first $3 billion quarter," Adobe president and CEO, Shantanu Narayen, said. “Our strategy in light of the COVID-19 situation has been to ensure the well-being of our employees, serve our customers and focus on our long-term opportunity.”
Adobe expected its second quarter will be impacted, despite it being a subscription-based business, due to enterprises deferring bookings decisions, delaying consulting services implementations and reducing marketing spend; consumers reducing spending in countries more adversely impacted by the COVID-19 situation; and software license revenue driven by channel partners.
"Adobe delivered strong revenue, earnings and cash flow in our first quarter," Adobe executive vice-president and CFO, John Murphy, said. "Our recurring revenue model and the real-time visibility we have into our business uniquely positions Adobe to manage through an uncertain environment."
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In this latest episode of our conversations over a cuppa with CMO, we catch up with the delightful Pip Arthur, Microsoft Australia's chief marketing officer and communications director, to talk about thinking differently, delivering on B2B connection in the crisis, brand purpose and marketing transformation.
Workplace cultures are the sum of everyone’s beliefs, behaviours, attitudes and skills. This means that no single person is responsible for culture, it belongs to the team.
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