作 者 | APAC Investment News 编译 | 华尔街大事件 在现代数字动态中，互联网日益由视觉驱动，大多数社交平台上的算法倾向于优先考虑图像、视 频和动态格式，而非纯文本，因为它们能够带来更高的参与度和留存率。TikTok、Instagram 和 YouTube 等平台的流行就是其中的一部分，也表明视觉内容创作已成为这些领域的战略必需 品。 Adobe( NASDAQ: ADBE )在这些更广泛的动态中显然表现出色，尤其因为它是唯一一家提供垂 直整合 AI 内容供应链的公司： 在这个领域中，没有任何其他平台能够像 Adobe 一样涵盖整个过程，为用户提供从创意火花到 基于精确规范的出色执行的完整渠道。 虽然这种全栈方法确实引人注目，但必须强调的是，它之所以如此有效，是因为 Adobe 创新地 将生成式 AI 融入其生态系统，从而能够生成高质量的图像和视频。与生成式 AI 出现之前的主流 方法相比，这两者都显著降低了视觉创作的成本和复杂性。 这让我们看到了 Adobe genAI 的明星——Firefly。 Firefly 本质上是驱动 Adobe 生成式 AI 未来的引擎，它已在诸多方面展现 ...

在今年2月，Adobe甚至重磅推出基于AI视频生成器(类似OpenAI Sora等文生视频竞争对手)的单独"AI+创意软件"订阅服务，试图与 OpenAI、Runway 等竞争。 "某种程度上，市场不知为何仍然将Adobe归为面对AI压力之下的失败者。"来自DA Davidson的分析师 Gil Luria 在接受媒体采访时表示。"但是我们认 为这是对技术的误解。" "AI全家桶"已成为驱动Adobe创意软件销售额增长的核心引擎 智通财经APP获悉，提供Photoshop、Illustrator等热门创意软件产品的科技巨头Adobe(ADBE.US)公布的最新季度业绩数据，以及给出的本季度销售额展 望均高于华尔街分析师平均预期。但是从公布业绩后的盘后股价走势来看，投资者们仍然对于这家全面刮起"AI+创意软件"风暴的软件行业龙头能否凭 借"嵌入AI大模型的Adobe创意软件全家桶"彻底击败专注人工智能应用软件的新锐公司的竞品市场份额——比如OpenAI Sora、Runway等，持怀疑态 度。 该公司在周四美股盘后公布的业绩声明中表示，预计截至8月的2025财年第三财季整体销售额将达到58.8亿美元至59.3亿 ...

Core Insights - Adobe reported a record revenue of $5.87 billion for Q2 2025, reflecting an 11% year-over-year growth, alongside a 13% increase in adjusted earnings per share to $5.06, both exceeding expectations [2][3][6]. Financial Performance - Revenue for Q2 2024 was $5.31 billion, which increased to $5.87 billion in Q2 2025, marking an 11% change [2]. - Adjusted earnings per share rose from $4.48 in Q2 2024 to $5.06 in Q2 2025, a 13% increase [2]. - Operating cash flow improved from $1.94 billion to $2.19 billion, also a 13% increase [2]. - Digital Media annual recurring revenue grew from $16.14 billion to $18.09 billion, a 12% increase [2]. Business Segments - Adobe operates in two main segments: Digital Media and Digital Experience, both of which experienced double-digit growth year-over-year [4]. - The Digital Media segment includes Creative Cloud products, while Digital Experience encompasses the Experience Cloud for customer management [4]. User Engagement and AI Integration - Monthly active users for Acrobat link sharing increased by over 20% year-over-year [5]. - The use of generative AI features in Adobe Express tripled, and traffic for the Firefly app rose by 30% sequentially, with paid subscriptions roughly doubling [5]. Future Outlook - For Q3 2025, Adobe anticipates revenue between $5.875 billion and $5.925 billion, along with adjusted EPS in the range of $5.15 to $5.20, both above analyst expectations [6]. - The full-year forecast is also slightly ahead of consensus estimates [6]. Market Reaction - Following the earnings report, Adobe's stock initially rose by 6% but later settled down by approximately 1.3% in after-hours trading [7]. - The stock's performance may be influenced by its previous 25% rebound from April lows and the slight nature of the earnings beat [8]. Investment Considerations - Adobe's aggressive investment in AI capabilities is expected to drive future growth, with the stock trading at less than 20 times forward earnings estimates [9]. - Any acceleration in growth could serve as a significant catalyst for the stock [9].