Autodesk profit beats on cost cuts, shares up

Thu Nov 15, 2012 5:00pm EST

(Reuters) - Autodesk Inc's (ADSK.O) third-quarter profit beat analysts' estimates as it managed to cut costs but the design software maker forecast current quarter below expectations.

Net income fell to $29.3 million, or 13 cents per share, in the third quarter, from $72.8 million, or 32 cents per share, a year earlier.

Excluding items, earnings were 47 cents per share.

Revenue for company, known for its AutoCAD software, fell marginally to $548 million.

Analysts on average had expected earnings of 43 cents per share on revenue of $559.9 million, according to Thomson Reuters I/B/E/S.

Autodesk said during the second quarter earnings it would cut jobs as an uncertain economy affected its business.

Shares of the company were up about 2 percent in extended trade after closing at $30.50 on the Nasdaq on Thursday.

The company, which competes with Adobe Systems Inc (ADBE.O) and Google Inc (GOOG.O), said it expects fourth-quarter profit of between 43 cents and 51 cents per share on an adjusted basis, on revenue of between $570 million and $600 million for the fourth quarter.

Analysts on average were expecting earnings of 54 cents per share on revenue of $604 million.

(Reporting by Neha Alawadhi in Bangalore; Editing by Sriraj Kalluvila)