The book business is about to get a summer boost. Attorneys today confirmed that $400 million in refunds due readers following the end of the Apple e-book price-fixing case will begin flowing into customer accounts on June 21—with refunds for New York Times bestsellers approaching $7 per title purchased. Similar to the settlements with publishers, paid out in 2014, the bulk of the credits will automatically be delivered directly into the accounts of consumers at major book retailers, including Amazon, Barnes & Noble, Kobo, and Apple. Consumers will receive a $6.93 credit for every purchased e-book that was a New York Times bestseller, and a $1.57 credit for other e-books. The credits can be used for "any product or service" offered by the retailer, unlike the previously paid publisher settlements, which restricted refund credits to book purchases. The settlement covers books that were purchased between April 1, 2010 and May 21, 2012.
Adobe (Nasdaq:ADBE) today reported financial results for its third quarter fiscal year 2017 ended Sept. 1, 2017.
• Adobe achieved record quarterly revenue of $1.84 billion in its third quarter of fiscal year 2017, which represents 26 percent year-over-year revenue growth.
• Diluted earnings per share was $0.84 on a GAAP-basis, and $1.10 on a non-GAAP basis.
• Digital Media segment revenue was $1.27 billion, with Creative revenue growing to $1.06 billion.
• Digital Media Annualized Recurring Revenue (“ARR”) grew to $4.87 billion exiting the quarter, a quarter-over-quarter increase of $308 million.
• Adobe Experience Cloud achieved revenue of $508 million, which represents 26 percent year-over-year growth.
• Operating income grew 48 percent and net income grew 55 percent year-over-year on a GAAP-basis; operating income grew 43 percent and net income grew 46 percent year-over-year on a non-GAAP basis.
• Cash flow from operations was $704 million, and deferred revenue grew to approximately $2.20 billion.
• The company repurchased approximately 2.1 million shares during the quarter, returning $298 million of cash to stockholders.
A reconciliation between GAAP and non-GAAP results is provided at the end of this press release and on Adobe’s website.
“Adobe delivered another record quarter with stellar year-over-year revenue growth of 26 percent,” said Shantanu Narayen, president and CEO, Adobe. “The imperative to deliver intelligent, intuitive and effective customer experiences is key to the C-suite agenda of digital transformation, and Adobe’s cloud offerings are critical to that business mandate.”
“Our results in Q3 once again reflect the leverage of our financial model, with record revenue driven by our cloud-based subscription offerings, strong earnings and cash flow from operations,” said Mark Garrett, executive vice president and CFO, Adobe.
more detail at: http://news.adobe.com/press-release/corporate/adobe-reports-record-revenue-4