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Design software firm Autodesk has lost 22 percent of its value in after-hours trading on the NASDAQ exchange after a particularly bad earnings report for its fiscal second quarter.
Autodesk is a leading maker of 3D design and engineering software. It recently agreed to acquire fast growing video app Socialcam for $60 million to help it stay relevant.
The company’s second-quarter profit fell 9.3 percent year-over-year. Revenue was $569 million, a paltry increase of 4 percent year-over-year. Wall Street analysts were expecting revenue of $601 million, according to Thomson Reuters.
“Our own execution challenges, combined with an uneven global economy, resulted in disappointing revenue results for the quarter,” Autodesk CEO Carl Bass said in a statement. “Organizational changes we made within the company earlier this year slowed us down during the quarter. Despite our second quarter results, the changes better position Autodesk to meet the needs of our customers. We are focused on working through our internal challenges as rapidly as possible.”
Additionally, Autodesk cut its full-year sales growth forecast. On top of its prior layoffs, it plans to cut more staff to help deal with its financial woes.
At the time of post’s publication, Autodesk shares are trading at $27.80, down $7.91 (or 22.1 percent) from its closing price today of $35.71. The drop in price more than eliminates the 18 percent gain the stock made this year.
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