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Autodesk (ADSK), a maker of project design and workflow software, surpassed Wall Street’s fiscal second quarter profit target on Wednesday night, but sales were only as seen. ADSK stock has plunged into prolonged trading.
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The San Rafael, Calif., Based company earned adjusted $ 1.21 per share on sales of $ 1.06 billion for the quarter ended July 31. Analysts had expected Autodesk to earn $ 1.13 per share on sales of $ 1.06 billion, according to FactSet. Year over year, Autodesk’s profits grew 23% and sales grew 16%.
With its second quarter results, Autodesk ended a streak of slowing earnings growth. In the first quarter, Autodesk had recorded eight consecutive quarters of decelerating year-over-year profit growth.
For its fiscal third quarter ended Oct. 31, Autodesk forecast earnings of $ 1.25 per share on sales of $ 1.12 billion. It’s based on the midpoint of his outlook. Wall Street had predicted Autodesk’s profit of $ 1.25 per share on sales of $ 1.11 billion.
ADSK shares decline in late transactions
In after-hours trading today, ADSK stock fell 7.1%, nearly 318. During Wednesday’s regular session, ADSK stock rose 0.4% to 342.27.
“Robust growth in new product subscriptions, accelerating digital sales and improving subscription renewal rates have contributed to our strong second quarter results,” CFO Debbie Clifford said in a press release . “Our good start to the year means that we are increasing our revenue and margin guidance for fiscal 2022.”
For its current fiscal year 2022, Autodesk predicted adjusted earnings of $ 4.99 per share on sales of $ 4.38 billion. It’s based on the midpoint of its orientation. Analysts had expected earnings of $ 4.87 per share on sales of $ 4.36 billion.
Autodesk reaches two points of purchase
On July 29, ADSK stock exited a 28 week consolidation period at a buy point of 321.23, according to IBD MarketSmith charts.
Autodesk stock crossed an additional buy point of 335.77 on Monday over a three-week period. But buying stocks before a company’s results are released is risky.
ADSK stock hit an all-time high of 344.39 on Tuesday.
Follow Patrick Seitz on Twitter on @IBD_PSeitz for more articles on consumer technology, software, and semiconductor stocks.
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