Shares of Autodesk plunged late Wednesday after the software company roughly met analyst estimates for the second quarter but fell short of expectations for its third-quarter earnings guidance.
The stock fell 6.8% in the extended session. Shares closed the regular session with a 0.4% gain to $342.27.
For the quarter that ended July 31, Autodesk (ticker: ADSK) reported net income of $115.6 million, which amounts to 52 cents a share, compared with a net profit of $98.2 million, or 44 cents a share, in the year-ago period.
Adjusted for stock-based compensation, among other things, earnings were $1.21 a share. Revenue rose 16% to $1.06 billion. Analysts had expected adjusted earnings of $1.13 a share on revenue of $1.06 billion.
Autodesk said it expected third-quarter non-GAAP per-share earnings of $1.22 to $1.28 on revenue of $1.11 billion to $1.13 billion; analysts modeled adjusted earnings of $1.30 a share on revenue of $1.12 billion.
The company said it now expects full-year non-GAAP earnings of $4.91 to $5.06 a share on revenue of $4.35 billion to $4.39 billion. Analysts had expected full-yearn non-GAAP earnings of $4.86 a share on revenue of $4.36 billion.
"Our strong start to the year means we are raising our [full-year 2022] revenue and margin guidance and shifting more of our [enterprise business agreement] customers from multiyear paid up front to annual billings, benefiting both our customers and Autodesk," finance chief Debbie Clifford said.