Adobe (Nasdaq: ADBE) has over the past few years reinvented itself as a cloud-based service provider. Today, it helps its customers to not just create content but also deliver, optimize, and personalize marketing content and applications. Last week, it reported its sixteenth straight quarter of revenue growth driven by growth in its digital media and marketing segments.

Adobe’s Financials

Adobe’s first quarter revenues grew 24% over the year to $2.08 billion, ahead of the market’s projections of $2.05 billion. EPS of $1.55 was also ahead of the Street’s estimate of $1.44 per share.

By segment, revenues from Digital Media Solutions segment were $1.46 billion. Total Digital Media Annualized Recurring Revenue (ARR) grew to $5.72 billion at the end of the quarter. Creative revenues grew to $1.23 billion with its ARR growing to $5.07 billion. Document Cloud revenues grew 18% to $231 million, driven by continued strength with Acrobat subscription adoption, and perpetual licensing of Acrobat through the channel. Document Cloud ARR grew to $647 million.

The Digital Experience segment, formerly the Digital Marketing segment, grew 16% to $554 million, driven by success across its Analytics Cloud, Marketing Cloud, and Advertising Cloud offerings, with emerging solutions such as Audience Manager, Campaign, Target, and Media Optimizer solutions achieving strong results. Key customer deals included Braun, City National Bank, Expedia, Ford, the NFL, Rakuten, Samsung, and T. Rowe Price.

Deferred revenue grew to a record $2.57 billion, up 25% year-over-year. It ended the quarter with cash and short-term investments of $6.15 billion.

For the second quarter, Adobe expects revenues of $2.15 billion, significantly ahead of the Street’s forecast of $2.14 billion. Non GAAP earnings per share are estimated at $1.53, again ahead of the market’s forecast of $1.51.

Adobe’s New Offerings

Adobe is targeting a broader set of consumers and creative professionals through new applications like Adobe Character Animator, Spark, Lightroom CC, Dimension, and XD. Adobe XD is an innovative new app for designing experiences across multiple screens that combines design, prototyping and collaboration capabilities. Adobe recently delivered workflow enhancements, tighter integration with Photoshop and deeper support for new modalities such as pen and touch. Major companies such as Wipro have standardized on XD as their core design product.