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Autodesk, Inc. stock price
Autodesk, Inc. latest news:
Is the 15% Sell-Off of Autodesk, Inc. Shares Overblown?
Autodesk managed to top analysts' estimates, but investors are selling the stock Wednesday -- what's going on?
BRIEF-Autodesk Posts Q3 Gaap Loss Per Share $0.55
* Q3 EARNINGS PER SHARE VIEW $-0.13 -- THOMSON REUTERS
Autodesk plans layoffs, stock plummets after earnings
Autodesk Inc. announced a restructuring plan along with quarterly earnings Tuesday, with news of more than 1,000 layoffs helping to send shares down more than 13% in late trading. The software company said in its announcement that the restructuring plan "seeks to streamline the organization and re-balance resources to better align with the company's priorities." In a filing with the Securities and Exchange Commission, Autodesk said it plans to lay off about 13% of workers, which is approximately 1,150 employees. "We're taking this restructuring action from a position of strength," said Chief Executive Andrew Anagnost, who contended that the move was intended to change the focus of investments during a "growth phase" of the transition to cloud delivery. "This is not a cost reduction activity." For the fiscal third quarter, the company reported a net loss of $119.8 million, or 55 cents a share, on revenue of $515.3 million, up from $490 million a year ago. After adjusting for stock-based compensation and other expenses, the company claimed a net loss of 12 cents a share, an improvement from an adjusted loss of 18 cents a share a year ago. Analysts on average expected an adjusted loss of 13 cents a share on sales of $514 million, according to FactSet. Autodesk shares fell lower than $114 after closing at $129.95, the second highest closing price in Autodesk's history.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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