Tags: autodesk | earns | forecast | jobs

AutoDesk Lowers Forecast, Cuts Jobs in Restructuring Plan

Thursday, 23 Aug 2012 04:53 PM

Autodesk Inc., a maker of architectural, engineering and entertainment software, lowered its annual sales forecast and said it plans to cut jobs as part of a restructuring program. The stock fell 20 percent in late trading.

Fiscal 2013 net revenue will increase as much as 6 percent, down from a previous forecast of at least 10 percent, the San Rafael, California-based company said Thursday in a statement. Autodesk said it will reduce its staffing in the “near-term,” without providing specifics.

“Our own execution challenges, combined with an uneven global economy, resulted in disappointing revenue results for the quarter” ended July 31, Carl Bass, Autodesk president and chief executive officer, said in the statement.

The restructuring, including expenses to combine certain leased facilities, will cost as much as $60 million before taxes, including as much as $45 million in the current quarter.

The new forecast implies 2013 revenue of as much as $2.35 billion. Analysts anticipated $2.43 billion, the average of estimates compiled by Bloomberg.

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2012-53-23
Thursday, 23 Aug 2012 04:53 PM
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