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Dow Jones Newswires: Autodesk stock plunges as billings guidance lowered

Shares of software maker Autodesk Inc. fell more than 12% in after-hours trading as the company narrowed its revenue and profit guidance and lowered its billings outlook for the year.

The company said it now expects billings to range from $4.74 billion to $4.8 billion, up 14% to 16%. It had previously set a range of $4.86 billion to roughly $5 billion.

Autodesk
ADSK,
-2.09%

also expects revenue of $4.36 billion to $4.38 billion, up roughly 15%. Its previous guidance called for $4.35 billion to $4.39 billion. It narrowed its earnings outlook to a range of $4.98 a share to $5.04 a share. It previously set a range of $4.91 to $5.06

In the latest quarter, the company’s revenue of $1.13 billion and adjusted profit of $1.33 a share were ahead of analysts’ estimates.

“Demand was robust in Q3, driving strong new subscriptions growth and renewal rates. We expect it to remain so in Q4,” Finance Chief Debbie Clifford said in prepared remarks. “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.”

Shares of Autodesk closed Tuesday at $304, down 2%. The stock is down 0.44% so far this year.

Write to Robert Barba at robert.barba@wsj.com

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