Autodesk Q1 Results Miss Wall Street, Shares Down 8%

(RTTNews) - Shares of Autodesk Inc. (ADSK) slipped 8% in after-hours trading Thursday after the software maker reported a first-quarter earnings and revenues that fell short of Wall Street estimates.

Autodesk's first-quarter net loss was $24.2 million or $0.11 per share, wider than last year's loss of $82.4 million or $0.38 per share last year.

Adjusted earnings rose to $0.45 per share from $0.06 per share last year. On average, 20 analysts polled by Thomson Reuters estimated earnings of $0.47 per share for the quarter.

Revenues for the quarter rose to $735.5 million from $559.9 million last year. Analysts had a consensus revenue estimate of $740.13 million for the quarter.

"We are off to a strong start in fiscal 2020 with billings and free cash flow coming in at or above expectations and great momentum across the entire business," said CEO Andrew Anagnost.

Total ARR increased 33 percent to $2.83 billion as reported, and 32 percent on a constant currency basis.

Looking forward to the second quarter, Autodesk expects revenues of $782 million to $792 million and adjusted earnings of $0.59 to $0.63 per share. Analysts currently estimate earnings of $0.62 per share and revenues of $788.53 million.

For the full year 2020, the company expects adjusted earnings of $2.71 to $2.90 per share and revenues to grow 26% to 28%. Analysts currently estimate earnings of $2.83 per share and revenues to grow 27.80%.

ADSK closed Thursday's trading at $169.54, down $4.49 or 2.58%, on the Nasdaq. The stock further dropped $13.64 or 8.05% in the after-hours trade.