Adobe Inc. reported its financial results for the three and nine months ended August 30, 2024, showcasing significant growth in revenue and profitability compared to the previous fiscal period. Total revenue for the third quarter reached $5,408 million, an 11% increase from $4,890 million in the same period last year. For the nine months, revenue totaled $15,899 million, also reflecting an 11% increase from $14,361 million.

The growth was primarily driven by strong performance in the Digital Media and Digital Experience segments. Subscription revenue for the third quarter was $5,180 million, up 12% from $4,631 million, while for the nine months, it reached $15,156 million, compared to $13,521 million. Digital Media revenue for the third quarter was $3,995 million, a rise of 11% from $3,594 million, and for the nine months, it totaled $11,719 million, up from $10,500 million.

Gross profit for the third quarter increased to $4,854 million from $4,310 million, and operating income rose to $1,992 million from $1,697 million. Net income for the third quarter was $1,684 million, a 20% increase from $1,403 million, while net income for the nine months was $3,877 million, slightly down from $3,945 million in the prior year. Basic net income per share for the third quarter was $3.78, compared to $3.07 in the previous year.

On the balance sheet, total current assets decreased to $10,716 million from $11,084 million, while total assets increased slightly to $29,830 million. Total liabilities rose significantly to $15,285 million from $13,261 million, driven by an increase in long-term debt, which rose to $4,128 million from $3,634 million. Stockholders’ equity decreased to $14,545 million from $16,518 million.

Adobe's cash and cash equivalents increased to $7,193 million, up from $7,141 million. However, net cash provided by operating activities for the nine months decreased to $5,135 million from $5,705 million, impacted by a $1 billion termination fee related to the Figma acquisition.

In terms of strategic developments, Adobe's stock repurchase program was fully utilized, with an additional authority granted in March 2024 to repurchase up to $25 billion in common stock. During the nine months ended August 30, 2024, Adobe repurchased a total of 12.9 million shares, including significant amounts through accelerated share repurchase agreements.

Overall, Adobe's performance reflects strong demand in its core segments, with continued growth in subscription revenue and strategic financial management amid challenges from market conditions and legal proceedings.