Autodesk Inc ADSK shares are trading lower in Tuesday’s after-hours session after the company reported third-quarter financial results.
Autodesk said third-quarter revenue increased 14% year-over-year to $1.28 billion, which is in line with average analyst estimates, according to Benzinga Pro. Billings jumped 16% year-over-year to $1.36 billion.
The software company reported quarterly earnings of $1.70 per share, up from $1.34 year-over-year.
“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,” said Debbie Clifford, CFO of Autodesk.
Autodesk expects fourth-quarter revenue to be between $1.303 billion and $1.318 billion versus average estimates of $1.33 billion. The company sees fourth-quarter adjusted earnings in a range of $1.77 to $1.83 per share versus estimates of $1.83 per share. Autodesk also lowered its billings and free cash flow guidance.
“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,” Clifford added.
ADSK Price Action: Autodesk has a 52-week high of $284.96 and a 52-week low of $163.20.
The stock was down 6.66% in after hours at $194.98 at time of publication.
Photo: WorldSkills UK from Flickr.
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