Autodesk Tightens FY Outlook; Shares Down 10%

(RTTNews) - Autodesk Inc. (ADSK) Tuesday tightened its outlook for the full year 2022. Shares of the company tanked over 10% in the extended trading hours.

Looking forward to the full year 2022, the software company now expects adjusted earnings of $4.98 to $5.04 per share and revenues of $4.36 billion to $4.38 billion.

Previously, the company expected adjusted earnings of $4.91 to $5.06 per share and revenues of $4.35 billion to $4.39 billion.

Analysts polled by Thomson Reuters currently estimate earnings of $4.99 per share on revenues of $4.37 billion for the year.

For the fourth quarter, the company expects adjusted earnings of $1.41 to $1.47 per share and revenues of $1.19 billion to $1.20 billion. Analysts currently estimate earnings of $1.46 per share on revenues of $1.20 billion.

For the third quarter, the company reported net income of $136.7 million or $0.61 per share, up from $132.2 million or $0.59 per share last year. Excluding items, adjusted earnings for the quarter were $365.0 million or $1.33 per share for the period. Analysts polled by Thomson Reuters had expected earnings of $1.26 per share.

Revenues for the quarter rose 18% to $1.13 billion from $952.4 million last year. Analysts had a consensus revenue estimate of $1.12 billion for the quarter.

ADSK closed Tuesday's trading at $304.00, down $6.48 or 2.09%, on the Nasdaq. The stock further slipped $35.10 or 11.55% in the after-hours trading.