Why Shares of Autodesk Tumbled Today
Shares of Autodesk (NASDAQ: ADSK) slumped on Wednesday after the software specialist cut its full-year guidance despite beating analyst estimates for its second-quarter results. The company insisted that it's not being impacted by trade tensions, but the conservative outlook was enough to send the stock down about 9.1% by 11:50 a.m. EDT. Shares were down as much as 13.7% earlier in the session.
Autodesk reported second-quarter revenue of $797 million, up 30% year over year and nearly $9 million higher than the average analyst estimate. Annualized recurring revenue increased by 31% to $3.07 billion, and billings jumped 48% to $893 million.
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Source Fool.com


