
Autodesk (ADSK) Stock Gains in After-Hours Trading on Earnings Beat
NEW YORK (TheStreet) -- Autodesk (ADSK) - Get Report stock is increasing 1.78% to $63.50 in after-hours trading on Thursday after the company reported financial results that surpassed estimates for the fiscal 2016 third quarter.
The company posted earnings of 14 cents per share on revenue of $599.8 million for the quarter ended October 31, beating estimates of 8 cents per share on $591.55 million.
"We are balancing the necessary investments in the transition with our ongoing focus on spend management, leading to better than expected profitability for the quarter," CEO Carl Bass said in a statement.
Subscriptions totaled 2.47 million by the end of the third quarter, rising about 80,000 compared with the fiscal 2016 second quarter.
Additionally, Autodesk lowered its 2016 fiscal year net subscription additions guidance to 310,000 to 330,000, from the previous outlook of 375,000 to 425,000.
The San Rafael, CA-based company, which designs software and services that offer business solutions for several industries, recently transitioned its main revenue source to subscription-based services from licensed products.
Autodesk did raise its non-GAAP earnings guidance to 72 cents to 76 cents per share from 60 cents to 72 cents per share.
Separately, TheStreet Ratings team rates AUTODESK INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
We rate AUTODESK INC (ADSK) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: ADSK
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