Categories Earnings, Technology

Autodesk’s shares tank after Q1 results miss expectations

Autodesk Inc. (NASDAQ: ADSK) missed market estimates on both revenue and earnings for the first quarter of 2020, sending shares sliding nearly 9% in after-market hours on Thursday.  

Total revenue of $735 million was up 31% on a reported basis and 30% on a constant currency basis versus last year, but fell short of the consensus estimate of $740 million.   

Autodesk reports first quarter 2020 earnings results

GAAP net loss was $24.2 million, or $0.11 per share, compared to $82.4 million, or $0.38 per share, in the prior-year quarter. Adjusted EPS totaled $0.45, missing the forecast of $0.46.   

Total annualized recurring revenue (ARR) was $2.83 billion, up 33% year-over-year on a reported basis, and 32% on a constant currency basis. Subscription plan ARR totaled $2.38 billion, up 70% as reported and 69% in constant currency. Maintenance plan ARR was $448 million, down 38% as reported and 40% in constant currency. Core ARR increased 29% while cloud ARR jumped 164%.

Total deferred revenue, which is defined as deferred revenue plus unbilled deferred revenue, grew 24% to $2.74 billion on a year-over-year basis. Billings totaled $798 million.

For the second quarter of 2020, Autodesk expects revenue to be $782 million to $792 million. GAAP EPS is expected to be $0.13-0.17 while adjusted EPS is expected to be $0.59-0.63.  

For fiscal-year 2020, revenue is expected to grow 26-28% to $3.25-3.30 billion. GAAP EPS is projected to be $0.83 to $1.02, while non-GAAP EPS is estimated to be $2.71 to $2.90. Total ARR is expected to grow 27-29% to $3.50-3.55 billion while billings are expected to increase 50-53% to $4.05-4.15 billion.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top