Autodesk Inc (NASDAQ:ADSK) stock jumped Friday after the software company posted fourth-quarter earnings that beat Wall Street's estimates even though it released a weak outlook for the current quarter.
For the three months ended January 31, the company posted earnings of $0.46 per share on revenue of $737.3 million. The consensus earnings estimate was $0.42 per share on revenue of $707.1 million. Revenue grew 33.1% on a year-over-year basis.
The company said it expects first-quarter earnings of $0.44 to $0.48 per share on revenue of $735.0 million to $745.0 million. The current consensus earnings estimate is $0.57 per share on revenue of $722.7 million for the quarter ending April 30, 2019.
READ: ROBO Global says artificial intelligence, robotics will create ‘wave of new opportunities’ in 2019
The company also said it expects fiscal 2020 earnings of $2.71 to $2.90 per share on revenue of $3.25 billion to $3.30 billion. The current consensus earnings estimate is $3.18 per share on revenue of $3.21 billion for the year ending January 31, 2020.
“The overall ability for robotic platforms to cope with a greater degree of variability will continue to drive quality improvements in all sectors,” said ROBO Global in an outlook report for 2019 that highlighted that software companies like Autodesk will act as a catalyst to create a “wave of new opportunities” this year.
“Software companies such as PTC Inc (NASDAQ:PTC), Cadence Design Systems Inc (NASDAQ:CDNS), Autodesk, Manhattan Associates Inc. (NASDAQ:MANH) and Dassault Aviation SA (OTCMKTS:DUAVF) are helping companies in manufacturing and industrial automation to unlock the value being created at the convergence of the physical and digital worlds through IoT, augmented reality, 3D printing, digital twin, and Industry 4.0.”
Autodesk shares were up 2.8% to $167.50.
ROBO Global provides its expertise to the ROBO Global Robotics and Automation Index ETF (NYSEARCA:ROBO) which was trading flat at $38.58 on Friday.
Contact Uttara Choudhury at [email protected]