The following is a summary of the Adobe Inc. (ADBE) Q1 2024 Earnings Call Transcript:

Financial Performance:

Adobe reported Q1 revenue of $5.18 billion, a 12% increase year-over-year.
GAAP earnings per share for the quarter was $1.36, and non-GAAP earnings per share was $4.48, representing 18% year-over-year growth.
Adobe achieved a net new Digital Media ARR of $432 million and revenue of $3.82 billion in Q1, marking a 13% growth year-on-year.
Adobe achieved $3.07 billion in revenue for Creative Cloud, 12% growth year-over-year with net new Creative Cloud ARR of $289 million.
The Experience Cloud business generated subscription revenue of $1.16 billion, representing year-over-year growth of 12%.
The company delivered Q1 record revenue of $5.18 billion, representing an 11% YoY growth, achieved Digital Media revenue of $3.82 billion, Digital Experience revenue of $1.29 billion.

Business Progress:

Adobe continued to focus on creativity for all, document productivity, and powering digital businesses through Adobe Creative Cloud, Document Cloud, and Experience Cloud.
Adobe is expanding its range of AI services and products, with notable updates to Adobe Photoshop, Illustrator, Express, Acrobat, and the Experience Cloud.
Adobe announced the release of Acrobat AI Assistant, integrating generative AI into Reader and Acrobat workflows to enhance document interaction.
The introduction of Behance Pro empowers members to build their brand and find opportunities, driving ARR acceleration.
Adobe GenStudio, a generative AI-first application, will allow marketers to plan, create, store, deliver, and measure marketing content more effectively.
Adobe plans to showcase product innovations at the Adobe Summit in Las Vegas and expects continued business momentum and leadership into Q2 and beyond.
The company announced a new $25 billion share repurchase program, showing its dedication to returning capital to its shareholders.