By ET Bureau - February 24, 2023 1 Mins Read
Shares of the software company Autodesk Inc. headed lower in extended trading today after the company warned of lower-than-expected sales in the coming quarter and fiscal year. The warning followed solid financial results for the fourth quarter.
Autodesk reported earnings before certain expenses, such as stock compensation of USD 1.86 per share, beating Wall Street’s target of USD 1.81 per share. Revenue for the period came in at USD 1.32 billion, up 9% from a year earlier and just ahead of analysts’ estimates of USD 1.31 billion. The company’s net income for the quarter came in at USD 293 million, up from total revenue of just USD 89 million a year earlier. Autodesk also reported full-year fiscal 2022 revenue of USD 5.01 billion, up 14% year-over-year, with a net income of USD 823 million, up from USD 497 million a year ago.
For fiscal 2023, Autodesk said it expects revenue of between USD 5.35 billion and USD 5.45 billion, the midpoint of which is lower than Wall Street’s target of USD 5.46 billion.
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