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Autodesk shares drop more than 3% after disappointing guidance

Carl Bass, president and chief executive officer of Autodesk
David Paul Morris | Bloomberg | Getty Images

Shares of Autodesk dropped 3.5 percent Wednesday after the company reported disappointing guidance.

The design software company said it expected a fiscal fourth quarter earnings loss of 32 to 39 cents a share, more than the 31 cent loss expected by analysts polled by Reuters. The firm also gave a quarterly revenue outlook of $460 million to $480 million, below the Reuters consensus estimate of $487 million.

Autodesk did report a smaller-than-expected loss in the third-quarter of 18 cents a share, ex-items, while revenue of $490 million beat estimates.

Company officials said that their third quarter was bolstered by new model subscription additions and successful cost-control measures.

"We experienced robust demand in the third quarter building on the momentum of a very strong second quarter," said Scott Herren, Autodesk Chief Financial Officer, in a press release.

Despite Wednesday's drop, Autodesk's stock is up more than 19 percent year-to-date.


Autodesk 5-Day Chart