Reuters: Global Markets: Autodesk quarterly results miss Street; sees weak third-quarter

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Autodesk quarterly results miss Street; sees weak third-quarter Aug 23rd 2012, 20:55 Thu Aug 23, 2012 4:55pm EDT (Reuters) - Software developer Autodesk Inc's (ADSK.O) second-quarter results fell short of analysts' expectations weighed by slowing sales and the company forecast current quarter largely below analysts' estimates. Shares of the San Rafael, California-based company fell more than 20 percent to $28.39 after the bell. They had closed at $35.71 on the Nasdaq on Thursday. Second-quarter net income fell to $64.6 million, or 28 cents per share, from $71.2 million, or 31 cents a year earlier. Excluding items, the company, which makes computer aided design software used by architects and engineers, earned 48 cents per share. Revenue for the quarter rose 4 percent to $568.7 million. "Our own execution challenges, combined with an uneven global economy, resulted in disappointing revenue results for the quarter," the company said in a statement. Analysts expected the company to earn 49 cents per share on revenue of $593.42 million, according to Thomson Reuters I/B/E/S. Autodesk expects to earn between 40 cents and 50 cents per share, on revenue of between $550 million and $570 million for the third quarter. Analysts were expecting the company to earn 50 cents per share, on revenue of $601.2 million. (Reporting By Aditya K; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions