The move to a subscription service and cloud-based apps is paying huge dividends for Adobe.
The company reports record revenues for 2019 and it shows no signs of slowing down.
With revenue figures of some $USD 11.17 billion means that the company is not only up over last year but has made more money than it ever has in its corporate history.
Head of Adobe, Shantanu Narayen, said in a press release, “Adobe’s phenomenal performance in Q4 capped a record fiscal 2019 with revenue exceeding $11 billion…Adobe’s vision, category leadership, continuous product innovation and large and loyal customer base position us well for 2020 and beyond.”
The jump represents gains of some 24% but all of this would seem to be part of a trend that started back in 2016. As PetaPixel points out, the revenue figures reported for that year were $USD 5.85 billion and, in 2017, the company posted revenues of some $USD 2 billion in a single quarter.
Executive vice president and CFO of Adobe, John Murphy, continued the praise of CEO Narayen, saying, “Adobe delivered another year of strong revenue growth and expanding profitability resulting in record earnings…We are bullish about our opportunities and our ability to continue to deliver strong top- and bottom-line growth.”
Looking ahead, the company is excited about the prospects for the upcoming year.
Beyond Adobe, those companies that are looking for proof positive of the profitability and revenue-generating power of subscription-based models are noting Adobe’s amazing growth with piqued interest.
We expect that more and more companies will begin adopting this model and these types of revenue figures only help speed up that process.
What do you think? Do you subscribe to Adobe’s cloud products? Did you use Adobe’s products before they became subscription-based services? Let us know your thoughts in the comments below.
Also, check out some of the other photography news articles on Light Stalking by clicking here.
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