ADSK - Autodesk shares slide south as earnings sales outlook falls short

Autodesk ( NASDAQ: ADSK ) shares plunged by 11% Friday as investors turned their backs on the design-software company after gave an earnings and sales outlook that was far short of analysts' expectations.

Late Thursday, Autodesk ( ADSK ) forecast first-quarter earnings of $1.50 to $1.56 a share, excluding one-time items, on revenue in a range of $1.26B to $1.28B. For its entire 2024 fiscal year, Autodesk ( ADSK ) expects to earn between $6.98 and $7.32 a share, excluding one-time items, on revenue of $5.36B to $5.46B. The company also forecast full-year billings of $5.03B to $5.18B, which would be down between 11% and 13% from its 2023 fiscal year billings.

Along with its outlook, Autodesk ( ADSK ) reported a fourth-quarter profit of $1.86 a share, excluding one-time items, on sales of $1.32B for the period ending Jan. 31. Wall Street had earlier forecast Autodesk ( ADSK ) to earn $1.81 a share on sales of $1.31B. Total billings in the quarter rose 28% from a year ago, to $2.12B.

Autodesk ( ADSK ) Chief Executive Andrew Anagnost said that the company's "demand environment" remained consistent during its fourth quarter as prepares to transition from up-front to annual billings for its multi-year contracts.

On the whole, Wall Street analysts and Seeking Alpha authors both have consensus buy ratings on Autodesk's ( ADSK ) shares. Seeking Alpha's Quant System, which historically outperforms the stock market, gives Autodesk ( ADSK ) a rating of hold .

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