In 2016, Adobe reported 22% growth in revenues to $5.85 billion. While the performance metrics reported growth across two of its major business lines (i.e., Creative Cloud and Marketing Cloud), its legacy business continues to suffer. According to our estimates, Adobe's annualized recurring revenues are expected to exceed $4.9 billion for its digital media business, which includes creative and document cloud products. Its Marketing cloud expected to clock in another year of double-digit growth in 2017, in the mid-twenties. Adobe guided that the revenue for FY2017 will be $7.09 billion, while GAAP EPS and Non-GAAP EPS is expected to be $2.85 and $3.75, respectively.
Adobe is set to announce its Q3 results on Tuesday, September 19. In Q2, the company reported 27% growth in revenues to $1.77 billion, which was above its guidance range. Even though the company continues to witness improvement in performance metrics across two of its major business lines (Creative Cloud and Marketing Cloud), its legacy business continues to struggle as the shift to cloud services takes center stage. We expect that this trend continued in Q3 2017, and will likely persist through the remainder of the year. Below we detail what to expect from Adobe's earnings release.
I would like to welcome you to Adobe Systems' First Quarter Fiscal 2017 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session [Operator Instructions]. I would now like to turn the call over to Mr. Mike Saviage, Vice President of Investor Relations. And thank you for, joining us today. Joining me on the call are Adobe's President and CEO, Shantanu Narayen and Mark Garrett, Executive Vice President and CFO. In the call today, we will discuss Adobe's first quarter fiscal year 2017 financial results. By now, you should have a copy of our earnings press release, which crossed the wire approximately one hour ago. We've also posted PDFs of our earnings call prepared remarks and slides, financial targets and an updated investor datasheet on adobe.com. If you would like a copy of these documents, you can go to Adobe's Investor Relations page and find them listed under Quick Links. Before we get started, we want to emphasize that some of the information discussed in this call, particularly our revenue and operating model targets and our forward-looking product plans, is based on information as of today, March 16, 2017, and contains forward-looking statements that involve risk and uncertainty. Actual results may differ materially from those set forth in such statements. For a discussion of these risks and uncertainties, you should review the forward-looking statements disclosure in the earnings press release we issued today, as well as Adobe's SEC filings. During this call, we will discuss GAAP and non-GAAP financial measures. A reconciliation between the two is available in our earnings release, and in our updated investor datasheet, on Adobe's Investor Relations Web site. Call participants are advised that the audio of this conference call is being webcast live in Adobe Connect, and is also being recorded for playback purposes. Adobe had an outstanding first quarter with record revenue of $1.68 billion and record profit, GAAP earnings per share in Q1 was $0.80, and non-GAAP earnings per share was $0.94. We continue to execute well against our strategy, and are driving momentum across our entire business.
This is the first of two posts related to Adobe -- the first one is by Chris Fletcher, and the second one is by me from more of an Adobe-Microsoft partnership standpoint. I know Dreamforce just passed us by, and you want to hear my take on it. I figured I'd wait until Dreamforce was over -- since no one in the tech world would pay attention to anything except around Dreamforce. Chris is eminently qualified to speak on this topic. Chris was a Gartner analyst, and martech was one of the domains he covered for years. It in fact predates Gartner to when he was an analyst at AMR, a company that Gartner acquired in 2009.
The deal is expected to add scale to Adobe's existing marketing-technology capabilities. It also will bolster the company's clout with business-to-business brands, which make up the bulk of Marketo's customer base. Reuters earlier reported that Adobe and Marketo were in talks. Adobe has been focusing on building and buying capabilities for business-to-consumer brands, and wants to expand relationships with its existing clients in categories like telecommunications and financial services that have both business-to-consumer and business-to-business divisions, Chief Executive Officer Shantanu Narayen said in an interview. "We thought we had a really unique opportunity to leverage everything we had done with content management and advertising and analytics to serve a broader set of customers," he said.