Autodesk, Inc. (ADSK) Stock Heads Higher on Q2 Earnings Beat

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Autodesk, Inc. (NASDAQ:ADSK) was up on Friday after the company released its earnings report for the second quarter of fiscal 2017.

 Autodesk, ADSK stockAutodesk reported earnings per share of 5 cents for the second quarter of fiscal 2017. This is down from the 19 cents per share that the company reported during the same time last year. However, it came in above Wall Street’s estimate, which had ADSK reporting losses per share of 13 cents for the quarter.

Revenue reported by Autodesk in the second quarter of fiscal 2017 was $550.7 million. The company’s revenue for the quarter was down 10% from the $609.5 million it reported in the second quarter of fiscal 2016. Despite this, ADSK’s revenue was still above the $512.07 million that analysts were looking for.

Autodesk also noted that its total subscriptions for the second quarter of fiscal 2017 were up by 109,000 when compared to the first quarter of fiscal 2017. This brought its total subscriptions to 2.82 million at the end of the second quarter of fiscal 2017.

“Continued adoption of product subscription drove strong growth in new model subscriptions, new model ARR, and deferred revenue,”Scott Herren, the Chief Financial Officer at Autodesk, said in a statement. “We saw record volume of product subscription for suites while also experiencing greater than expected volume of perpetual licenses for suites, stemming from the final availability of that offering.”

ADSK also updated its guidance in its recent earnings report. The company is expecting losses per share between 27 cents and 22 cents for the third quarter of fiscal 2017. Wall Street is expecting the company to report losses per share of 29 cents for that quarter.

Autodesk also noted that it expects revenue for the third quarter of fiscal 2017 to be in the range of $470 million to $485 million. Analysts’s estimates currently have revenue for that quarter sitting at $468.45 million.

ADSK stock was up 6% as of Friday morning.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/08/autodesk-q2-adsk-stock/.

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