Autodesk was rising early Thursday after the software maker said it remained on track to achieve its goals for fiscal 2023 as demand has remained "robust."
Autodesk (ticker: ADSK) reported fiscal second-quarter adjusted earnings of $1.65 a share, topping analysts' forecasts of $1.57. Revenue rose 17% to $1.24 billion, beating estimates of $1.22 billion.
The company said it expects adjusted earnings in fiscal 2023 of $6.52 to $6.71 a share. Autodesk said it expects fiscal-year revenue to rise between 14% to 15% to as much as $5.04 billion, and said it expects billings for the period of as much as $5.81 billion, up 21% at the high end of its forecast.
"Demand remained robust, our competitive performance strong, and subscription business resilient during the second quarter," said Debbie Clifford, Autodesk chief financial officer, in a statement. "With the underlying momentum of the business offsetting incremental foreign exchange headwinds, our guidance is unchanged at the mid-point across all metrics. We remain well on track to achieve our fiscal 23 goals."
Autodesk shares were rising 10.1% in premarket trading Thursday to $236.01.
Analysts at RBC Capital Markets said the company "reported good results" and sees them "as another step towards improved credibility." RBC maintained its Outperform rating on the stock and price target of $257.
KeyBanc analysts raised their price target on Autodesk to $264 from $250, saying they maintained their "positive view of growth opportunities tied to the digitization of architecture, design, and construction." KeyBanc has an Overweight rating on the stock.