“We’re in rarefied atmosphere,” says Adobe CEO Shantanu Narayen. “We’re focused on delivering an incredible innovation roadmap across all three of our clouds. We look forward to sharing more about our forward-looking strategy at the analyst meeting at MAX. We do look forward to the FA meeting. That’s when we lay out the growth opportunities that are ahead of us. We talked last year about how we had a greater than a $100 billion addressable market opportunity.”
Shantanu Narayen, CEO of Adobe, discusses how the company’s incredible innovation is driving its growth and how Adobe Sensei AI is embedded into every one of their products. Narayen was interviewed by Jim Cramer on CNBC:
Every Enterprise Must Engage Digitally With Customers
We actually experienced growth across all three of our segments. When you look at Creative Cloud and the net new ARR that we got in that segment of the business, that was a record for a Q3. Many years after the introduction of the product Document Cloud had an exceedingly strong quarter and we’re seeing tremendous adoption of our paper to digital initiatives. On the Experience Cloud again 34 percent revenue growth.
Every single enterprise needs to understand how you can engage digitally with customers. I think what’s unique about Adobe is that every customer from a K-12 student to an individual freelancer all the way to the largest enterprises in the world, the breadth of our offerings and our customers is truly fueling this success.
It’s About Getting These Customers Young
We’ve always talked about the fact that instead of just a focus on STEM we love STEAM because the world without arts would be an exceedingly boring place. One of the things we actually did this quarter was introduce a new ambassador network in educational institutions. We’re targeting over a hundred colleges. These students are actually being the evangelists for explaining why creative needs to be part of the curricula. Getting that younger generation excited about expressing themselves we certainly believe that’s going to fuel our growth.
In addition to that, as we come up on MAX, which is the largest creativity conference in the world in November, I think what you’re going to see from our innovation roadmap across new areas like immersive content, what’s happening with gaming, what’s happening across devices that now have styluses, we announced a new product called Fresco for art and illustration, so the breadth of our products is amazing. It’s about getting these customers young and enabling them to tell their story.
Focused On Delivering Innovation Across All Three Of Our Clouds
What is really unique right now about our digital experience solutions is that we have the first mile. The first mile is content management, it’s the web infrastructure, it’s mobile applications that people use to engage with enterprises. We also have the last mile in commerce. That’s the Magento acquisition that we did a while ago which enables you to make every experience shoppable. Magento had a great quarter. We grew their bookings 40 percent year-over-year in Q3. When you talk about the rule of 40, we’re blowing that away when you think about our growth rates as well as our margin.
We do look forward to the FA meeting. That’s when we lay out the growth opportunities that are ahead of us. We talked last year about how we had a greater than a $100 billion addressable market opportunity. Were growing the top-line at 20 percent. Our Q4 targets show that revenue growth will be north of 20 percent with EPS growth accelerating even above that. We’re in rarefied atmosphere. We’re focused on delivering an incredible innovation roadmap across all three of our clouds. We look forward to sharing more about our forward-looking strategy at the analyst meeting at MAX.
The AI of Adobe Sensei Is A Fabric Of All Our Innovation
Our artificial intelligence framework is called Adobe Sensei and it’s embedded across every one of our products. It’s when you look at a piece of content and say, how did they do that? There’s probably an aspect of Adobe Sensei in that. We have hundreds of trillions of transactions that we’re processing on behalf of high enterprise customers and we can predict in real-time. Our Adobe Digital Index which talks about shopping patterns globally, that’s coming from Adobe Sensei. It’s a part and it’s a fabric of all of our innovation and we’re excited to unveil new innovation soon.
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