全球科技业绩快报：AdobeFY3Q25

Investment Rating - The report does not explicitly state an investment rating for Adobe, but it indicates a positive outlook based on performance exceeding market expectations and a stock price increase of over 3% after earnings release [1][5]. Core Insights - Adobe's FY3Q25 total revenue reached $5.99 billion, a 10% year-over-year increase, slightly surpassing market expectations of $5.95 billion. Non-GAAP earnings per share were $5.31, a 14% increase year-over-year, also above the expected $5.25 [1][5]. - The growth in the third quarter was primarily driven by AI innovation and increased demand for enterprise-level automation, with Digital Media revenue at $4.46 billion (up 11% YoY) and Digital Experience revenue at $1.48 billion (up 9% YoY) [2][6]. - AI-related Annual Recurring Revenue (ARR) surpassed $5 billion for the first time, marking a growth of over 43% from $3.5 billion at the end of 2024, with new ARR from AI-first products exceeding $250 million in the quarter [4][8]. Summary by Sections Financial Performance - Adobe's total revenue for FY3Q25 was $5.99 billion, a 10% increase YoY, and non-GAAP EPS was $5.31, a 14% increase YoY. RPO was $20.44 billion, up 13% YoY, with cRPO growing by 10% [1][5]. Business Segments - Digital Media business revenue was $4.46 billion, up 11% YoY, driven by Creative Cloud Pro and Firefly Services. Digital Experience revenue was $1.48 billion, up 9% YoY, with significant contributions from the Adobe Experience Platform [2][6][7]. AI Strategy - Adobe is focusing on a dual-track strategy of "AI-infused" and "AI-first" to enhance its market leadership. The company aims to improve ARPU and operational efficiency through various AI-driven products and services [10][11]. Guidance and Outlook - The company raised its Q4 revenue guidance to $6.075 - $6.125 billion and increased the full-year revenue range to $23.65 - $23.70 billion, reflecting management's cautious optimism about macro and industry uncertainties [3][11].