Good news for Adobe: the company’s Q4 results show it surpassed a massive $11 billion in revenue for 2019. It’s the first time ever that Adobe has surpassed such a figure and shows an impressive 24% growth from the previous year.
A fundamental part of such profit is the transition to a subscription model that the company rolled out. Usage of the Adobe Creative Suite, now known as Creative Cloud, changed to a monthly fee, and is a big reason the company’s turnover continues to grow. For comparison, their 2016 number was $5.85 billion, meaning it has almost doubled in just three years.
Adobe was just short of hitting revenue of $3 billion in the three-month period of Q4 this year. Adobe president and CEO 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.
Executive Vice President and CFO John Murphy added:
[Adobe is] bullish about our opportunities and our ability to continue to deliver strong top- and bottom-line growth.
Looks like they won’t be reverting from their subscription model any time soon.
Lead image by Mikaela Shannon on Unsplash.