Autodesk, Inc. (ADSK) Shares Pop on the Company’s Q4 Earnings Beat
Autodesk, Inc. (NASDAQ:ADSK) ended its fiscal 2017 on a strong note as its fourth-quarter results were well ahead of expectations on both the earnings and revenue front.
The multinational software manufacturer and distributor said that its fourth quarter yielded net losses of $173.5 million, or 79 cents per share, nearly matching its year-ago losses of $173.4 million, or 78 cents per share. On an adjusted basis, the company lost 9 cents per share.
The figure beat expectations as analysts were calling for adjusted losses of 11 cents per share for the period, according to FactSet. Revenue was a strong point too as the company raked in $553.8 million, beating its year-ago total of $478.8 million, marking a 15.66% improvement.
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The Wall Street consensus estimate was projecting revenue of $545 million, according to data compiled by FactSet. For its first quarter of fiscal 2018, Autodesk predicts that it will turn a profit as adjusted earnings are slated to be in the range of a penny to 4 cents per share.
Meanwhile, revenue is slated to be in the range of $550 million to $560 million.
“We continue to execute well on our business model transition and are poised to further accelerate ARR growth next year,” said Andrew Anagnost, Autodesk president and CEO. “We were pleased to see a meaningful increase in total annualized revenue per subscription (ARPS) and a better than expected conversion rate with the maintenance to subscription program.”
ADSK stock surged about 10.5% after the bell Tuesday.
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