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Autodesk (ADSK) down 16% despite Q3 earnings

By Joyanta Acharjee

15:23, 24 November 2021

Autodesk offices in Toronto, Canada
Autodesk offices in Toronto, Canada – Photo: Shutterstock

Autodesk stock was down on Wednesday after the 3D design software company posted fiscal third-quarter earnings that beat analysts’ estimates.

For the period ended 31 October, net income rose to $136.7m (£102.55m) from $132.2m a year earlier on total revenue which rose 18% to $1.13bn from $952.4m in the third quarter of 2020.

Adjusted earnings per share (EPS) of $1.33 is up 28% year-on-year and beat analysts’ expectations of earnings of $1.26 per share on revenue of $1.12bn, according to figures widely available on financial news sites. 

Stock down 16%

At 10:20 am EDT (UTC-5) the stock was down 16% at $254.50.

The drivers of revenue growth in the quarter were subscription plan revenues (up 21%) and design revenues (up 17%), Autodesk said.

"Our third quarter results were strong, driven by one of our best-ever quarters for new subscriptions, record subscription renewal rates, a net revenue retention rate towards the high end of our range, and a solid competitive performance," Autodesk CEO Andrew Anagnost said on a conference call.


0.62 Price
+2.090% 1D Chg, %
Long position overnight fee -0.0753%
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Overnight fee time 22:00 (UTC)
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+0.530% 1D Chg, %
Long position overnight fee -0.0262%
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Overnight fee time 22:00 (UTC)
Spread 1.8

Oil - Crude

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+2.500% 1D Chg, %
Long position overnight fee -0.0187%
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+1.740% 1D Chg, %
Long position overnight fee -0.0192%
Short position overnight fee 0.0110%
Overnight fee time 22:00 (UTC)
Spread 0.30

"Our third quarter results were strong. Several factors contributed to that, including robust growth in new product subscriptions, rapidly expanding digital sales, and increasing subscription renewal rates," Autodesk CFO Debbie Clifford said on the call.

Cuts real estate footprint

With work from home continuing, the company said it will take a $180m charge "over the next several months" to reduce its real estate footprint by 20% worldwide.

"As we enter Q4, we intend to take steps to reduce our real estate footprint because the pandemic has spurred changes in the way we work and we've moved to a hybrid workforce. Optimising our facilities costs will allow us to better deploy capital to further our strategy and drive growth," Clifford said. 

Looking ahead, for the current fiscal fourth quarter the company forecasts EPS to be in the range of $1.41 to $1.47 and expects revenue in the range of $1.18bn to $1.2bn.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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