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Autodesk earnings Q1 2020

Autodesk earnings Q1 2020

BUSINESS NEWS

Autodesk earnings Q1 2020

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Autodesk president and CEO Andrew Anagnost in June 2017.

CNBC

Autodesk shares fell more than 9% in extended trading on Thursday after the company, whose design software is used in the construction and entertainment industries, reported lower-than-expected revenue and profit in the fiscal first quarter.

Here are the key numbers:

  • Earnings: 45 cents per share, excluding certain items, vs. 47 cents per share as expected by analysts, according to Refinitiv.
  • Revenue: $735.5 million, vs. $740 million as expected by analysts, according to Refinitiv.

Autodesk’s revenue grew 31% in the quarter, the company said.

Subscription revenue increased 67% to $595.8 million, just below the $599.6 million estimate among analysts polled by FactSet. The company said revenue for its Architecture, Engineering and Construction and AutoCAD and AutoCAD LT products both grew 37%.

As for guidance, Autodesk said it expects earnings per share of 59 cents to 63 cents, excluding certain items, in the second quarter, on $782 million to $792 million in revenue. Analysts polled by Refinitiv were looking for 62 cents per share of profit, excluding certain items, and $788.5 million in revenue for the quarter.

For the full fiscal year, Autodesk is looking for $2.71 to $2.90 in earnings per share, excluding certain items, on $3.25 billion to $3.30 billion in revenue. The Refinitiv consensus was $2.83 in earnings per share on $3.29 billion in revenue.

Jason Celino of KeyBanc Capital Markets had been looking for Autodesk to meet or slightly exceed expectations in the quarter. “Our checks again picked up a greater push for multi-year contracts in the channel, and resellers remain positive on their pipelines for the year,” Celino wrote in a note to clients last week.

Shares of Autodesk are up more than 31% so far in 2019.

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