Autodesk (ADSK), a maker of design software and tools for project workflow, late Tuesday matched expectations for its fiscal third quarter but guided below views for the current quarter. ADSK stock fell in extended trading.
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The San Rafael, Calif.-based company earned an adjusted $1.70 a share on sales of $1.28 billion in the quarter ended Oct. 31. Those results met the consensus estimates of analysts polled by FactSet. On a year-over-year basis, Autodesk earnings rose 27% while sales climbed 14%.
For the current quarter ending Jan. 31, Autodesk forecast adjusted earnings $1.80 a share on sales of $1.31 billion. That’s based on the midpoint of its outlook. Analysts were modeling earnings of $1.83 a share on sales of $1.33 billion in the fiscal fourth quarter.
“In a more challenging macroeconomic environment, Autodesk performed in line with our expectations in the third quarter,” Chief Financial Officer Debbie Clifford said in a news release.
ADSK Stock Drops After Report
In after-hours trading on the stock market today, ADSK stock fell 7.4% to 193.50. During the regular session Tuesday, ADSK stock rose 1.2% to close at 208.90.
ADSK stock has formed a cup-with-handle base with a buy point of 233.79, according to a weekly IBD MarketSmith chart.
ADSK stock ranks fifth out of 12 stocks in IBD’s Computer Software-Design industry group, according to IBD Stock Checkup. It has a so-so IBD Composite Rating of 78 out of 99.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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