Autodesk, Inc. (NASDAQ: ADSK), a market leader in design software, Wednesday reported stronger-than-expected earnings and revenues for the third quarter of 2022. The numbers exceeded analysts’ estimates. The company also provided guidance for the fourth quarter and fiscal 2022.
The San Rafael, California-based tech firm posted adjusted earnings of $1.33 per share for the October quarter, sharply higher than last year’s profit of $1.04 per share. The latest number also beat analysts’ estimates by a wide margin. Third-quarter net income was $136.7 million or $0.61 per share, compared to $132.2 million or $0.59 per share in the prior-year quarter.
At $1.13 billion, revenues were up 18% from last year and above the consensus estimates, reflecting strong subscription growth and renewal rates. Total billings increased 16% annually to $1.17 billion.
The management expects the positive momentum to continue in the final months of the year. Meanwhile, inflationary pressures and supply chain bottlenecks remain a challenge, and there are concerns that those headwinds would derail the ongoing recovery.
“Our customers continue to embrace and prioritize digital transformation to drive growth, efficiency, and
sustainability, generating strong demand for Autodesk’s platform. We are rapidly innovating and optimizing our business to enable more customers to experience our ecosystem, and realize the opportunities ahead,” said Andrew Anagnost, chief executive officer of Autodesk.
Shares of Autodesk traded lower during Wednesday’s pre-market session, continuing the recent downtrend. The stock has lost 2% in the past 30 days.
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