Autodesk quarterly results miss Street; sees weak third-quarter

Reuters News
|
Posted: Aug 23, 2012 4:55 PM
Autodesk quarterly results miss Street; sees weak third-quarter

(Reuters) - Software developer Autodesk Inc's <ADSK.O> second-quarter results fell short of analysts' expectations weighed by slowing sales and the company forecast current quarter largely below analysts' estimates.

Shares of the San Rafael, California-based company fell more than 20 percent to $28.39 after the bell. They had closed at $35.71 on the Nasdaq on Thursday.

Second-quarter net income fell to $64.6 million, or 28 cents per share, from $71.2 million, or 31 cents a year earlier.

Excluding items, the company, which makes computer aided design software used by architects and engineers, earned 48 cents per share.

Revenue for the quarter rose 4 percent to $568.7 million.

"Our own execution challenges, combined with an uneven global economy, resulted in disappointing revenue results for the quarter," the company said in a statement.

Analysts expected the company to earn 49 cents per share on revenue of $593.42 million, according to Thomson Reuters I/B/E/S.

Autodesk expects to earn between 40 cents and 50 cents per share, on revenue of between $550 million and $570 million for the third quarter.

Analysts were expecting the company to earn 50 cents per share, on revenue of $601.2 million.

(Reporting By Aditya K; Editing by Supriya Kurane)