Autodesk Shares Dive on Weak Q3 Warning

The company's second-quarter results disappointed Wall Street

   

Investors punished Autodesk (NASDAQ:ADSK) on Friday after the company missed second-quarter estimates and warned of a weak current quarter, sending its shares down more than 15%.

The software maker said it earned $54.6 million during the second-quarter, down from $71.2 million in the same period last year. Autodesk recorded revenue of $568.7 million, up 4% from 2011, but falling well short of the $593.42 million Wall Street was expecting, Fox Business noted.

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Adjusted EPS for the quarter was 48 cents, which narrowly missed the 49 cents predicted by analysts.

Noting continue weakness in Europe and the U.S., the company predicted third-quarter revenue of between $550 million and $570 million and non-GAAP earnings of between 40 cents and 45 cents a share.

Wall Street had anticipated current quarter EPS of 50 cents on revenue of $601.2 million.

Autodesk officials announced that they would implement a restructuring plan, likely to result in unspecified payroll reductions, and would record charges of between $50 million and $60 million during the current quarter.


Article printed from InvestorPlace Media, http://investorplace.com/2012/08/autodesk-shares-dive-on-weak-q3-warning/.

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