Autodesk beats quarterly expectations, says demand is 'robust'

Shares of Autodesk Inc. rose more than 7% in the extended session Wednesday after the software company reported quarterly earnings above Wall Street expectations and kept its 2022 guidance intact, saying demand is "robust." Autodesk said it earned $186 million, or 85 cents a share, in the fiscal 2023 second quarter, compared with $115 million, or 52 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $1.65 a share. Revenue rose 17% to $1.24 billion, the company said. Analysts polled by FactSet expected adjusted earnings of $1.57 a share on sales of $1.22 billion. "Demand remained robust, our competitive performance strong, and subscription business resilient during the second quarter," Chief Financial Officer Debbie Clifford said in a statement. "With the underlying momentum of the business offsetting incremental foreign exchange headwinds, our guidance is unchanged at the mid-point across all metrics. We remain well on track to achieve our fiscal 23 goals," Clifford said. Autodesk guided for fiscal third-quarter revenue between $1.275 billion and $1.290 billion, and adjusted EPS between $1.66 and $1.72. Shares of Autodesk ended the regular trading day up 0.4%.

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