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Autodesk forecasts second-quarter profit below estimates

Autodesk forecasts second-quarter profit below estimates

Autodesk forecast second-quarter profit on Thursday below Wall Street expectations, sending the AutoCAD software maker’s shares down nearly 4 percent in extended trading.

The company’s forecast overshadowed a beat on both first-quarter revenue and profit.

Autodesk forecast second-quarter adjusted profit between 13 cents and 16 cents per share. Analysts on average were expecting a profit of 18 cents per share, according to Thomson Reuters I/B/E/S.

The company which competes with Adobe Systems, Ansys, and Dassault Systemes for design software customers is shifting to a subscription-based business model to generate a more sustainable revenue stream.

Autodesk’s subscription revenue more than doubled to $350.4 million in the reported quarter, above estimates of $328.9 million.

Net loss narrowed to $82.4 million, or 38 cents per share, in the first quarter ended April 30, from $129.6 million, or 59 cents per share, a year earlier.

Excluding items, the company earned 6 cents per share, above estimates of 3 cents.

Total revenue rose 15.3 percent to $559.9 million, beating estimates of $558.4 million.

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