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Autodesk (NASDAQ:ADSK) Jumps on Earnings Beat
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Autodesk (NASDAQ:ADSK) Jumps on Earnings Beat

Story Highlights

Autodesk beats revenue and earnings estimates as sales hit $1.41 billion, and EPS comes in at $2.07.

Shares of software company Autodesk (NASDAQ:ADSK) jumped in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2024. Earnings per share came in at $2.07, which beat analysts’ consensus estimate of $1.99 per share.

During the quarter, sales increased by 10.2% year-over-year, with revenue hitting $1.41 billion. This beat analysts’ expectations by $20 million.

According to the report, the company’s Design revenue was $1,192 million, an increase of 10%. Furthermore, revenue from its Make segment saw a 15% increase to $134 million. Additionally, Subscription Plan sales also saw an 11% bump, coming in at $1,314 million.

Looking forward, management now expects revenue and adjusted earnings per share for Q4 2024 to be in the ranges of $1.422B to $1.437B and $1.91 to $1.97, respectively. For reference, analysts had projected revenue of $1.43B and EPS of $2.

For the full year, Autodesk anticipates revenue to land between $5.450B-$5.465B versus the consensus estimate of $5.44B. Furthermore, the company expects EPS to be in the range of $7.43-$7.49 versus the consensus estimate of $7.47.

Is Autodesk a Buy or Sell?

With 11 Buys, seven Hold, and one Sell recommendations, ADSK stock has a Moderate Buy consensus rating on TipRanks. After an 18.66% increase in its share price in 2023, the average Autodesk price target of $234.58 per share implies 7.82% upside potential.

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