(Adds details, forecast)
May 15 Autodesk Inc raised its
full-year revenue forecast After reporting quarterly profit and
revenue above analysts' expectations, helped by higher sales of
its computer-aided design software to engineering and
The company's shares rose 4.6 pct in extended trading.
Autodesk said on Thursday it now expects revenue growth of
4-6 percent for the year ending Jan. 31, 2015, up from the 3-5
percent it expected earlier.
The company also raised its full-year billings growth
forecast to 7-9 percent from 5-8 percent.
Autodesk's flagship AutoCAD software is used by
construction, engineering and manufacturing companies to design
and simulate real-world performance of their products.
The company competes against offerings from Adobe Systems
Inc, Ansys Inc and Dassault Systemes SA
Autodesk, which is moving from a license-based business to a
cloud-based subscription model, said subscription revenue rose
12 percent to $276.3 million in the first quarter ended ended
Subscription models bring in less money upfront as payment
is spread over the entire period of use unlike traditional
packaged software, but typically ensure more predictable
Several software companies, such as Adobe Systems and Nuance
Communications Inc, are moving to provide their
products over the cloud to attract more customers with the
lesser upfront spending and faster upgrades.
Autodesk's first-quarter net income fell to $28.3 million,
or 12 cents per share, from $55.6 million, or 24 cents per
share, a year earlier.
Excluding items, the company earned 32 cents per share.
Revenue rose 4 percent to $592.5 million.
Analysts on an average had expected earnings of 21 cents per
share on revenue of $568.6 million, according to Thomson Reuters
The company's shares rose to $50 in extended trading.
(Reporting by Sruthi Ramakrishnan in Bangalore; Editing by