A maker of design software, Autodesk (NASDAQ: ADSK) plummeted over 10% to $188. 05 in pre trading session on Wednesday as it matched expectations for its fiscal Q3 but guided below views for the current quarter.
The San Rafael, California-based business generated adjusted earnings of $1.70 per share on revenues of $1.28 billion for the three months ended October 31. These outcomes were in line with FactSet’s surveyed analysts’ consensus projections. Autodesk’s profits increased 27% year over year while its revenues increased by 14%.
Autodesk anticipated adjusted earnings of $1.80 per share for the current quarter ending January 31 on sales of $1.31 billion. Based on the outlook’s midpoint, that is. In the fourth quarter of the fiscal year, analysts projected earnings of $1.83 per share on sales of $1.33 billion.
Chief Financial Officer Debbie Clifford stated in a news release that “in a more challenging macroeconomic environment, Autodesk performed in line with our expectations in the third quarter.
Autodesk president and CEO, Andrew Anagnost stated that they recently released Autodesk Fusion, Forma, and Flow, their three industry clouds, which will connect data, teams and workflows in the cloud on their trusted platform. Increasing their engineering velocity, moving data from files to the cloud, and expanding their third-party ecosystem, will enable Autodesk to further increase customer value by delivering even greater efficiency and sustainability.
CFO of Autodesk, Debbie Clifford said “In a more challenging macroeconomic environment, Autodesk performed in line with our expectations in the third quarter, excluding the impact of in-quarter currency movements on revenue. Subscription renewal rates remained strong, as did our competitive performance. “Our fiscal 23 revenue, margin, and earnings per share guidance remains close to the previous mid-points at constant exchange rates and comfortably within our prior guidance ranges. Our lower billings and free cash flow guidance primarily reflect less demand for multi-year, up-front and more demand for annual contracts than we expected.”