Autodesk To Cut Approx. 925 Positions; Expects To Exceed Q4 Non-GAAP Outlook

(RTTNews) - Autodesk, Inc. (ADSK) announced a restructuring plan, aimed at reducing expenses, streamlining the organization, and reallocating resources to align more closely with the company's needs going forward. Autodesk plans to reduce staffing levels in the near-term by approximately 10%, or approximately 925 positions, and to consolidate certain leased facilities. The company anticipates taking pre-tax charges of $85 million to $95 million in connection with the restructuring.

Carl Bass, Autodesk CEO, said: "we are restructuring so we can focus resources on areas that will accelerate the move to the cloud and transition to a subscription-based business. The restructuring is not related to anything we are seeing in the macro-economic environment."

Autodesk said the company expects to be at the high end or exceed its guidance ranges for billings, revenue, non-GAAP EPS, and net subscription additions for the fourth quarter of fiscal 2016.

"We ended fiscal 2016 on a high note with very strong fourth-quarter billings growth and continued demand for our subscription offerings. Solid revenues, coupled with continued cost-controls, led to better than expected non-GAAP EPS during the quarter," Carl Bass said.