Autodesk beats third-quarter revenue estimates, announces new CFO
Recasts paragraph 1, adds analyst comment in paragraphs 2,3
Nov 26 (Reuters) -Autodesk ADSK.O beat Wall Street expectations for third-quarter revenue on Tuesday, benefiting from strong design software adoption, but shares fell over 10% in extended trading as investors bet on higher levels of growth.
Michael Ashley Schulman, chief investment officer at Running Point Capital, said that a strong upward trend in the company's shares after its first and second quarter results boosted expectations for the firm.
"There may also be some apprehension of a slowdown in a couple of Autodesk's primary industries of construction and architecture if Trump expels illegal migrants," he added.
Autodesk also announced the appointment of Janesh Moorjani as its new finance chief, effective Dec. 16. He will succeed the company's current interim CFO Elizabeth Rafael.
Industries such as construction, architecture and animation have taken to Autodesk's suite of design software products, which incorporates a growing line of cloud services designed to address specific enterprise needs.
It reported third-quarter revenue of $1.57 billion, beating estimates of $1.56 billion.
Autodesk also nudged up the midpoint of its annual revenue forecast. It now expects revenue between $6.12 billion and $6.13 billion from its earlier forecast of between $6.08 billion and $6.13 billion.
It raised its expectations for annual adjusted earnings per share to a range of $8.29 to $8.35, from $8.18 to $8.31.
Autodesk reported adjusted net income per share of $2.17, compared with estimates of $2.12 per share.
Reporting by Zaheer Kachwala in Bengaluru; Editing by Alan Barona
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