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Why Shares of Autodesk Tumbled Today

TheMotleyFool

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Why Shares of Autodesk Tumbled TodayPhoto, wide shot, wide-angle lens, Software company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/70b5df15-67cc-4a1b-af41-3596614daf77.png

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.

Image source: Getty Images.

Source Fool.com

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