Autodesk Disappoints With Earnings Outlook. The Stock Drops.

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Autodesk’s technology center in San Francisco.


Courtesy of Autodesk

Shares of

Autodesk

plunged late Wednesday after the software company roughly met analyst estimates for the second quarter but fell short of expectations for its third-quarter earnings guidance.

The stock fell 6.8% in the extended session. Shares closed the regular session with a 0.4% gain to $342.27.

For the quarter that ended July 31, Autodesk (ticker: ADSK) reported net income of $115.6 million, which amounts to 52 cents a share, compared with a net profit of $98.2 million, or 44 cents a share, in the year-ago period.

Adjusted for stock-based compensation, among other things, earnings were $1.21 a share. Revenue rose 16% to $1.06 billion. Analysts had expected adjusted earnings of $1.13 a share on revenue of $1.06 billion.

Autodesk said it expected third-quarter non-GAAP per-share earnings of $1.22 to $1.28 on revenue of $1.11 billion to $1.13 billion; analysts modeled adjusted earnings of $1.30 a share on revenue of $1.12 billion.

The company said it now expects full-year non-GAAP earnings of $4.91 to $5.06 a share on revenue of $4.35 billion to $4.39 billion. Analysts had expected full-yearn non-GAAP earnings of $4.86 a share on revenue of $4.36 billion.

“Our strong start to the year means we are raising our [full-year 2022] revenue and margin guidance and shifting more of our [enterprise business agreement] customers from multiyear paid up front to annual billings, benefiting both our customers and Autodesk,” finance chief Debbie Clifford said.

Write to Max A. Cherney at max.cherney@barrons.com

Harry Byrne

Harry Byrne

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