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The
company also said on Thursday that David Wadhwani, head of its
digital media, was leaving to pursue a CEO opportunity.
Adobe has been switching to web-based subscriptions from
traditional licensed software to help attract more predictable
recurring revenue.
Recurring revenue had reached 73 percent of total revenue, Chief
Financial Officer Mark Garrett said in a statement.
The company said it added 684,000 Creative Cloud net
subscriptions in the quarter ended Aug. 28, compared with the
640,000 net additions that analysts had expected, according to
research firm FactSet Street Account.
Creative Cloud, which includes Photoshop, Illustrator and
Indexing, is the biggest of the company's cloud businesses. The
other two are Marketing Cloud and Document Cloud.
Adobe said it had 5.3 million Creative Cloud subscriptions at
the end of the third quarter.
Bryan Lamkin, who currently leads Document Cloud, will lead the
combined digital media business, which includes Creative Cloud,
the company said.
Adobe raised its full-year annualized recurring revenue forecast
for the digital media to $2.95 billion from $2.93 billion.
The company forecast an adjusted profit of 56-62 cents per share
and revenue of $1.28 billion-$1.33 billion for the fourth
quarter ending November.
Analysts on average were expecting a profit of 64 cents per
share and revenue of $1.36 billion, according to Thomson Reuters
I/B/E/S.
"It quite obviously continues their trend of being highly
conservative in guidance, especially when there are unknowns
going on," Bernstein analyst Mark Moerdler said.
Adobe's net income rose to $174.5 million, or 34 cents per
share, in the third quarter, from $44.7 million, or 9 cents per
share, a year earlier.
Excluding items, the company earned 54 cents per share.
Revenue rose 21 percent to $1.22 billion.
Analysts had expected a profit of 50 cents per share and revenue
of $1.21 billion.
Up to Thursday's close of $80.31, Adobe's shares had risen about
11 percent this year.
(Reporting by Abhirup Roy in Bengaluru; Editing by Sriraj
Kalluvila)
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