Autodesk, Inc (NASDAQ: ADSK)
Shares of Autodesk, Inc. surged 14.8% in Wednesday’s extended session after the company beat analysts’ revenue and earnings expectations. The shares traded at record-high levels as soon as the software company announced its fourth-quarter report.
Wall Street was happy with the results, with at least 15 analysts raising their targets on the stock’s price. Autodesk stock surged 14.8% to close at 137.71, finishing a record intra-day high of 137.80.
ADSK Earnings & Outlook
The company reported Q4 net losses of 79 cents a share, or $173.5 million, compared with the year-ago period’s losses of 78 cents a share, or $173.4 million. Revenue rose from 478.8 million the year-ago period to $553.8 million, while adjusted losses stood at 9 cents a share.
Analysts had estimated a revenue of 454 million and adjusted losses of 12 cents a share. Under the new accounting standards, Autodesk said it expected Q1 adjusted earnings to be between 1 and 4 cents a share on $550 to 560 million revenue. The company’s shares have gained 45% in 2018 and 64% in the last twelve months.
Autodesk’s Executive Comments
Autodesk CEO Andrew Anagnost released a statement saying that the company will continue to execute well as it transitions to a new business model. He added that the software company is fully prepared to grow bigger next year. “We are happy to see a significant increase in total revenue and a better-than-anticipated conversion rate with subscription program maintenance,” Anagnost added.
The CEO also said that more customers moved from the company’s individual products to its software suites known as “Industry Collections” during the last quarter.
Autodesk, Inc Company Profile
Autodesk is an American-based software company that offers productive business solutions via technology services and products to its customers. The firm’s customer base is in the construction, architecture, manufacturing, engineering, product design, entertainment, and digital media industries. It segments include Platform Solutions and Emerging Business, Media and Entertainment, Architecture, Manufacturing, and Engineering and Construction.
