Autodesk Shares Fall 5% as Profit Outlook Falls Short Despite Earnings Beat

Dow Jones
Aug 28

Autodesk shares were falling after the closing bell after its outlook for third quarter and full-year earnings fell short of expectations.

The stock is down 5.2% in late trading.

Autodesk reported second quarter earnings of $3.30 a share and revenue of $2.05 billion, which was up 16% from a year earlier. Both measures beat expectations. Wall Street was looking for earnings of $3.12 a share and revenue of $2.01 billion.

CEO Andrew Anagnost said "The future of AI for the built world will belong to the trusted platform that combines the richest context with t he right models to deliver the best outcomes for customers."

Billings rose 10% from a year ago, to $1.85 billion. Current remaining performance obligations, a measure of future revenue that hasn't been delivered yet, rose 12%, to $5.2 billion.

For the third quarter, the company sees profit of $3.04 to $3.09 a share and revenue in a range of $2.125 billion to $2.140 billion. Wall Street expects third quarter profit of $3.14 a share and revenue of $2.08 billion.

It is a similar mixed guidance for full-year results. Autodesk projects profit of $12.52 to $12.60 a share and revenue of $8.295 billion to $8.345 billion. Wall Street forecasts full-year earnings of $12.58 a share and revenue of $8.21 billion.

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