Autodesk Inc. (NASDAQ: ADSK) shares hit a new 52-week high of $282.46 this morning after the San Rafael, California-based software company announced strong financial results for the third quarter amid higher demand for its cloud-based products and services following the pandemic.
The company reported earnings of $132.2 million, or 59 cents per share for the quarter, as compared to $66.7 million, or 30 cents per share for the same period last year. On an adjusted basis, earnings rose to $1.04 per share, beating the analysts’ average estimate of 96 cents per share.
Revenue came in at $952.4 million, significantly higher than $842.7 million in the year-ago quarter. Analysts surveyed by FactSet were expecting Autodesk to post revenue of $943.3 million.
Speaking on the results, CEO Andrew Anagnost said in a statement “our enterprise customers are undertaking their own digital transformation and, by enabling that transformation, we are becoming strategic partners. For example, we signed a nine-digit deal in the quarter. We are confident in our fiscal 2023 targets and expect to see continued double-digit growth thereafter."
Autodesk said its operating costs in the quarter rose 7.4 percent to $700.7 million.
If we look at the sales performance of key segments, design revenue rose 13 percent to $848 million, make revenue jumped 32 percent to $77 million, while subscription plan revenue increased 24 percent to $884 million. On the other hand, maintenance plan revenue fell 56 percent to $40 million. The aforesaid results were reported on a constant currency basis.
Autodesk shares have performed well in the recent months. The stock has climbed nearly 48 percent on a year-to-date basis, and about +40 percent over the past 6 months. At the current trading price, the company’s market value stands at $60.378 billion.
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