Adobe has announced strong growth in its Creative Cloud subscriptions, beating analysts’ expectations in its latest quarterly results, despite falls in revenue and net income.
According to Reuters, the company’s net income for the first quarter fell to $US65.1 million, down dramatically from $US185.2 million year-on-year.
Meanwhile, total revenue fell 4% to $US1 billion, however the figure beat analysts’ expectations of $US986 million.
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Despite the weak results, the company trumpeted the rapid growth of its Creative Cloud subscriptions, with its quarterly revenue doubling to $US224.3 million.
The company claims there are now more than 500,000 paid members and more than two million free or trial memberships for the cloud-based service.
“The growth is coming from attracting a whole new class of creative professionals,” chief executive Shantanu Narayen told CNBC.
“In digital marketing, we’re just at the beginning. This is going to be a multibillion-dollar opportunity for Adobe.”