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Autodesk in the green after fiscal 1Q results meet Wall Street expectations

Published: 09:17 26 May 2023 EDT

Autodesk -
Photo credit: JHVEPhoto / Shutterstock.com

Autodesk (NASDAQ:ADSK) Inc shares inched up after the software company reported financial results for the first quarter of fiscal 2024 that were in line with Wall Street expectations.

For the quarter ended April 30, 2023, the San Francisco, California-based company reported earnings of $1.55 per share on revenue of $1.3 billion. The consensus earnings estimate was $1.55 per share on revenue of $1.3 billion. The company’s revenue grew 8%, and 12% at constant exchange rates.

The company said it expects second-quarter non-GAAP earnings of $1.70 to $1.74 per share on revenue of $1.315 billion to $1.325 billion. The current consensus earnings estimate is $1.77 per share on revenue of $1.33 billion for the quarter ending July 31, 2023.

Autodesk shares were up 0.41% at $197.56 in the pre-market trading session.

The company reported that cash flow from operating activities was $723 million, up 67% year-over-year, and free cash flow was $714 million, up 69%.

"Autodesk started the year strongly with rising renewal rates, robust free cash flow generation, and revenue toward the top end of our guidance range when adjusted for upfront revenue co-termed to later in the year," Autodesk CFO Debbie Clifford said in a statement.

"With normal seasonality, peak second quarter currency and Russia headwinds, and a strong second-half pipeline of enterprise agreements last renewed three years ago in the immediate aftermath of the onset of the pandemic, we remain on track to achieve our full-year financial goals."

Meanwhile, Autodesk CEO Andrew Anagnost noted that the company remains “relentlessly curious” with a propensity to evolve and innovate.

“Our transformation from products to capabilities will enable us to forge more durable partnerships with more customers," said Anagnost.

Autodesk makes software products and services for the architecture, engineering, construction, manufacturing, media, education, and entertainment industries.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

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