Autodesk forecasts disappointing third-quarter, shares fall
(Reuters) - Autodesk Inc forecast third-quarter results below analysts' estimates as it anticipates lower demand for its computer-aided design (CAD) software used in construction, manufacturing and engineering industries.
The company's shares fell as much as 5.6 percent in extended trading.
Autodesk forecast adjusted earnings of 36 cents to 40 cents per share for the third quarter on revenue of $540 million to $555 million.
Analysts on average were expecting earnings of 50 cents per share on revenue of $580.9 million, according to Thomson Reuters I/B/E/S.
Autodesk in May halved its revenue growth forecast for the year ending January 31 to 3 percent.
In the second quarter, sales of Autodesk's flagship software products, which account for more than half the company's revenue, fell 11 percent to $289 million.
Revenue in the suites business, which provide software packages combining its desktop and cloud-based software products, rose 18 percent to $193 million.
Net income fell to $61.7 million, or 27 cents per share, from $64.6 million, or 28 cents per share, a year earlier.
Excluding items, the company earned 45 cents per share.
Revenue fell 1.2 percent to $561.7 million.
Analysts on average had expected earnings of 42 cents per share on revenue of $560.6 million.
Shares of the San Rafael, California-based company, whose rivals include Adobe Systems Inc, Ansys Inc and Dassault Systemes SA, closed at $36.13 on the Nasdaq on Thursday.
(Reporting By Lehar Maan and Sruthi Ramakrishnan in Bangalore; Editing by Don Sebastian)