Autodesk forecasts quarterly profit below Wall Street estimates, shares dip

Aug 27 (Reuters) - Autodesk ‌forecast third-quarter ​adjusted ​profit below expectations on Thursday, sending its shares down more than 5% ‌in extended trading, as investors worry over ⁠the potential disruption from AI tools on the software ‌company.

The design and construction ‌software maker said it was seeing higher operating and financing costs tied to its $3.6 billion ​acquisition of maintenance and operations software firm MaintainX that closed earlier this month.

• The ⁠AutoCAD maker forecast third-quarter adjusted profit of $3.04 to $3.09 per share — ​below analysts' average estimate of $3.14, according to data compiled by LSEG.

• It raised ​its annual billings forecast to $8.58 ‌billion to $8.65 billion from its prior estimate of $8.51 billion to $8.58 billion, indicating ⁠steady demand.

• Second-quarter revenue of $2.05 billion beating estimate of $2.01 billion, while adjusted profit per share of $3.30 ⁠trumped Street view of $3.12.

• Autodesk software are used by ​architects, engineers, builders, manufacturers and others to design buildings, products and infrastructure.

• Software stocks have broadly come under ‌pressure this year amid investor fears that increasingly capable general-purpose AI tools ‌could disrupt or replace some specialized functions.

• Autodesk ⁠in May agreed ‌to acquire MaintainX ​to boost its AI push.

(Reporting by Anzar Mehraj in Bengaluru; Editing by Joyjeet ‌Das)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Rupert Murdoch considering re-merger of Fox Corp and News Corp - Reuters
• Fox and News Corp shares volatile on renewed merger speculation
• Tocvan acquires full ownership of Gran Pilar gold-silver project