Autodesk (NASDAQ:ADSK) stock is taking a beating on Wednesday after the software company reported mixed earnings for its fiscal third quarter of 2022.
Let’s get the positive news out of the way first. Autodesk reported adjusted earnings per share of $1.33 on revenue of $1.13 billion. Both of these are better than Wall Street’s estimates of $1.26 per share and revenue of $1.12 billion.
So where does the bad news come from then? The company’s guidance for the fiscal full year of 2022 was revised and investors aren’t happy about some of those changes. That includes it expecting billings between $4.74 billion to $4.8 billion. For the record, its previous guidance was for billings ranging from $4.86 billion to $5 billion.
To go along with this, the company narrowed its adjusted EPS outlook to between $4.98 and $5.04, as compared to the previous $4.91 to $5.06. The same holds true for its revenue guidance of $4.36 billion to $4.38 billion. The prior guidance from the company was for revenue ranging from $4.35 billion to $4.39 billion.
Debbie Clifford, CFO of AutoDesk said the following its most recent earnings report.
“Demand was robust in Q3, driving strong new subscriptions growth and renewal rates. We expect it to remain so in Q4. However, supply chain disruption and resulting inflationary pressures, a global labor shortage, and the ebb and flow of COVID, are impacting the pace of our recovery and outlook.”
ADSK is seeing heavy trading with the release of its Q3 earnings report today. That has some 6 million shares on the move as of this writing. That’s a good bit more than the roughly 1.4 million shares that trade every day on average.
ADSK stock is down 17.3% as of Wednesday afternoon.
There’s more stock market news to dive into below!
We’ve got all the most recent stock market news that traders need to know about today. A few examples include what has shares of Longeveron (NASDAQ:LGVN), RealReal (NASDAQ:REAL), and Benessere Capital Acquisition (NASDAQ:BENE) trading higher today. You can learn all about those matters at the following links!
More Stock Market News for Wednesday
- LGVN Stock: 7 Things to Know as Longeveron Rockets 100% Higher
- REAL Stock: How One Analyst Sees The RealReal Passing $30 in 2022
- BENE Stock: 9 Things to Know About DWAC Sister SPAC Benessere Capital
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
