Autodesk Shares Plunge after Q2 Results (ADSK)
Shares of software and services company Autodesk Inc. (NASDAQ:ADSK) slumped more than 15% on Friday following the release of mixed second quarterly results even as it cut its growth outlook for fiscal 2013.
While non-GAAP earnings for the quarter stood at 48 cents a share compared to analysts’ consensual estimates of 40 cents a share, revenue was $568.7 million, a 4% growth over year earlier quarter but falling behind analysts’ consensual forecast of $594 million and missing its own prior revenue guidance of $580 million to $600 million.
Among company’s several revenue segments, the Platform Solutions and Emerging Business (PSEB) division saw revenue jumping 10% from year-earlier-quarter to $218 million.
The company reported that revenue from the Architecture, Engineering and Construction (AEC) business division rose by meager 2% to $161 million, from the corresponding period of the last year. Revenue from manufacturing division increased 4% from the year-earlier-quarter quarter to $141 million. Nevertheless, revenue from its Media and Entertainment business plunged 10% on a year-over-year basis to $49.0 million.
Meanwhile, revenues generated across all geographical regions in the quarter were mixed. In the U.S. revenue rose 4% and in Asia it climbed by 12%, in the second quarter. In the EMEA region, revenue for the quarter contracted 1% and revenue from emerging economies stood almost flat. Revenue from emerging economies accounts 15% of total company’s revenue.
For the current quarter, the company is expecting revenue to fall within the range of $550.0 million and $570.0 million. Non-GAAP earnings a share is expected to come between 40 and 45 cents, after excluding onetime expenses, restructuring charges, other charges and stocks based compensations.
The company has also downwardly revised fiscal 2013 outlook due to global economic uncertainty. Autodesk is now anticipating full-year revenue to grow by 4% to 6%, compared to its earlier forecast of 10% revenue growth.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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