Investing.com - Autodesk (NASDAQ:ADSK) reported on Tuesday third quarter earnings that beat analysts' forecasts and revenue that topped expectations.
Autodesk announced earnings per share of $1.33 on revenue of $1.13 billion. Analysts polled by Investing.com anticipated EPS of $1.26 on revenue of $1.12 billion.
Autodesk shares are down 0% from the beginning of the year, still down 11.74% from its 52 week high of $344.39 set on August 24. They are under-performing the Nasdaq 100 which is up 26.52% from the start of the year.
The company's revenue growth was put down to strong new subscriptions growth and renewal rates. Meanwhile, total billings increased 16% to $1,168 million.
As is the case with most companies, supply chain challenges have impacted the Autodesk's recovery...
"Demand was robust in Q3, driving strong new subscriptions growth and renewal rates. We expect it to remain so in Q4," said Debbie Clifford, Autodesk CFO.
"However, supply chain disruption and resulting inflationary pressures, a global labor shortage, and the ebb and flow of COVID, are impacting the pace of our recovery and outlook."
Looking ahead, the company expects its Q4 adjusted EPS to be between $1.41 and $1.47, while it sees revenue for the quarter at a range of $1.185 billion to $1.2 billion. Analysts had forecast Q4 EPS guidance at around $1.46, with revenue guidance around the $1.2 billion mark.
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