FMP
Autodesk Shares Down 15% on Macro Challenges
Nov 25, 2021 12:07 AM - Davit Kirakosyan
Image credit: FMP
Autodesk, Inc. (NASDAQ:ADSK) shares closed 15.49% lower on Wednesday following Q3 results. Quarterly revenue came in at $1.126 billion, slightly above the consensus estimate by 0.7%.
While the demand environment was called out as robust, macro challenges around supply chain disruptions, labor shortages and AEC weakness in China impacted the results and outlook as 2022 billings/FCF guidance moved lower. The company now expects billings to be $4.74-$4.8 billion.
While 2023 FCF guidance was reiterated, management cautioned around COVID, the supply chain and FX risks, which could impact the 2023 FCF target by $100-200 million, with revenue growth likely closer to 17%.
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