Autodesk Down 2% in Late Trade

Autodesk shares were sliding in late Tuesday trading after the design software firm tonight swung to a Q3 non-GAAP net loss compared with a year-ago profit, posting an $0.18 per share adjusted net loss but still beating the Capital IQ consensus by $0.06 per share.

Revenue fell 18% from year-ago levels to $490 million, beating the $476.78 million consensus. Autodesk earned $0.18 per share, excluding one-time items, during the same quarter last year on $599.8 million in revenue.

For Q4, the company is projecting a non-GAAP net loss of $0.39 to $0.32 per share, wider than the $0.31 loss per share Street view. It also sees revenue falling compared with last year to a range of $460 million to $480 million, trailing the $488.5 million consensus.

Autodesk also is expecting an adjusted FY17 net loss of $2.67 to $2.77 per share on $2.01 billion to $2.03 billion in revenue. Analysts, on average, are modeling a $2.69 per share loss on $2.02 billion in revenue for the upcoming fiscal year.

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