Autodesk Posts Lower Earnings, Cuts Jobs

Autodesk(ADSK Quote) had exceeded the street's earnings estimates for the past four quarters. Make that five.

After landing in the red during the regular session and following pessimism about the company's earnings announcement, shares of the company soared nearly 13% after the closing bell. After the close, the California-based company announced that it beat consensus estimates.

The company, which specializes in creating mapping and drawing software for architects and engineers, reported a loss of $32.1 million, or 14 cents per share, as against a profit of $94.6 million, or 41 cents, at the same time last year. Revenue fell off a cliff, coming in at $425.8 million. That's a 29% drop from the $598.8 million posted in the first quarter last year. ...