By Silicon Valley standards, Adobe is a dull company. Yet in the past ten years it has outperformed Microsoft and Salesforce
To most ears, Adobe is synonymous with desktop publishing. Founded in 1982, it set key standards, in particular PostScript, which tells printers where to make the dots, and, the “portable document format” that allows printed documents to be distributed online. It also developed programs for editing digital content. One, Photoshop, became a verb. Adobe’s pricey software was installed on desktop computers, and updated with new versions every year or so.
Adobe’s transformation would not be half as successful, however, without other innovations. One is what the firm calls its “data-driven operating model” , jargon for using data generated by its digital services to improve them and develop new ones in a perpetual feedback loop. Adobe has mastered this both internally and by developing a third cloud, which allows other firms to optimise their digital offerings.
Adobe’s three clouds, operating model and management style help explain why it offers, in the words of Mark Moerdler of Bernstein, a broker, an “unusual investment combination in software”: high margins and good growth. Its latest quarterly results are emblematic. Revenues rose by 22% year on year, to $3.9bn, while the operating margin edged up to 46%, according to Bernstein.
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