Adobe Rakes In $1.008b Of Revenue In Q1 2013

Adobe has reported its quarterly earnings for Q1 2013 that ended on March 1. The company has made $1.008 billion during the past three months, exceeding its own expectations of $750 million to $1 billion for the quarter. The company also announced that it has passed 500,000 Creative Cloud paid subscribers, while free users are past the two-million mark.

Compared to last year, the company's revenue dropped slightly this quarter compared to Q1 2012, which showed a $1.045 billion revenue during the three months. However, the company's paid subscriptions to Creative Cloud could boost the company's financial results in the long term, but it may take a few quarters for that boost to occur.

The company's user base for Creative Cloud is quickly gaining steam, since the service passed the 1 million user mark back in December, and already that number is over double. It was quite the year for Adobe, with the launch of Creative Cloud and a new version of Creative Suite, dubbed CS6, which includes a ton of software for designers and developers.

As for Adobe's income for the quarter, operating income chimed in at $98.2 million, and net income was $65.1 million on a GAAP basis. On a non-GAAP basis, operating income was $240.7 million while net income was $177.9 million. Not a bad quarter for the company, even considering its revenue is down just slightly from last year.