Autodesk sees lower revenue than analysts had expected in the upcoming quarter.
The company's guidance for the next quarter also fell below expectations.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.45 cents per share, excluding certain items, vs. 47 cents per share as expected by analysts, according to Refinitiv.
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.
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