Costco Wholesale Corporation Reports June Sales Results

Third Quarter Fiscal Year 2020 Financial Highlights: *Adobe achieved record quarterly revenue of $3.23 billion in its third quarter of fiscal year 2020, which represents 14 percent year-over-year growth. Diluted earnings per share was $1.97 on a GAAP basis, representing 22 percent year-over-year growth, and $2.57 on a non-GAAP basis, representing 25 percent year-over-year growth. *Digital Media segment revenue was $2.34 billion, which represents 19 percent year-over-year growth. Creative revenue grew to $1.96 billion, representing 19 percent year-over-year growth. Document Cloud revenue was $375 million, representing 22 percent year-over-year growth. *Digital Media Annualized Recurring Revenue (“ARR”) increased $458 million quarter-over-quarter to $9.63 billion exiting the quarter, representing 24 percent year-over-year growth on a constant-currency basis. Creative ARR grew to $8.29 billion, and Document Cloud ARR grew to $1.34 billion. *Digital Experience segment revenue was $838 million. Digital Experience subscription revenue was $729 million, representing 7 percent year-over-year growth. Digital Experience subscription revenue, excluding Advertising Cloud revenue, grew 14 percent year-over-year. *GAAP operating income in the third quarter was $1.07 billion, and non-GAAP operating income was $1.40 billion. GAAP net income was $955 million, and non-GAAP net income was $1.25 billion.

Amazon announced its first-ever purchase of eleven Boeing 767-300 aircraft, expanding its fleet to continue to serve customers. The purchases include seven aircraft from Delta and four aircraft from WestJet, which will join the network by 2022. Amazon Air’s fleet expansion comes at a time when customers are relying on fast, free shipping more than ever. “Our goal is to continue delivering for customers across the U.S. in the way that they expect from Amazon, and purchasing our own aircraft is a natural next step toward that goal,” said Sarah Rhoads, Vice President of Amazon Global Air. “Having a mix of both leased and owned aircraft in our growing fleet allows us to better manage our operations, which in turn helps us to keep pace in meeting our customer promises.”

Keep US Posted — a nonprofit advocacy group of consumers, nonprofits, newspapers, greeting card publishers, magazines, catalogs and small businesses — is warning Americans that stamp prices are set to increase on July 9 for the second time in 2023, and cautioning that if such unprecedented and excessive postage increases continue, Americans could be facing a government bailout of the U.S. Postal Service. The July increase marks the third such increase in 12 months — the most mailing rates have increased during the U.S. Postal Service’s 247-year history. Yoder continued, “DeJoy’s stated intent has been to use stamp increases to bring in additional revenue, yet each hike drives down mail demand at a progressively faster rate and increases internal costs, meaning less revenue for USPS, no matter how much more a stamp costs. The result is additional strain on the system. Congress passed bipartisan postal reform in 2022 intending to prevent these excessive postage increases by bringing financial solvency to the Postal Service but USPS, under DeJoy’s leadership, has plowed ahead with pre-planned stamp increases, which will continue every six months. The American people need Congress to step in now and bring additional oversight to the USPS rate strategy, otherwise we could be looking at a situation where a federal bailout is necessary."