Autodesk Throttled After Q2 Report

Autodesk

released its fiscal second-quarter earnings results after the closing bell on Thursday. The company reported that net income in the period fell from $64.6 million or $0.28 per share, from $71.2 million or $0.30 per share, in the year ago period. On an non-GAAP basis, which is comparable to analysts' consensus, the company earned $0.48 per share versus $0.44 in last year's second-quarter. This missed Wall Street EPS expectations by a penny. Net revenues in the period were $568.7 million, from $546.3 million last year. This badly missed Street expectations of $593.40 million. Looking ahead to the third-quarter, Autodesk sees GAAP EPS between $0.02 to $0.07 and non-GAAP EPS of $0.40 to $0.45. Revenues are expected to be between $550 million to $570 million. This is well below current analysts' expectations of EPS of $0.50 on revenues of $601.24 million. In after hours trading, ADSK plunged almost 23% as investors reacted to the poor second-quarter revenue numbers and worrisome third-quarter guidance.