Something bothers me about Adobe... Adobe reports 1 billion monthly users. Of that billion, how many pay? The company does not disclose this conversion rate. It reports $6.56 billion in subscription revenue for Q3, up 14% year-over-year. The user counter includes all its creative and productivity tools; it does not represent 1 billion subscribers. At the next earnings report, I’ll look directly at subscription growth—that will tell me more about its business than the displayed billion.
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