Autodesk beats Zacks estimate of $0.90 per share by reporting quarterly earnings of $0.98 per share. The quarterly report represents an earnings surprise of 8.89%. A quarter ago, it was predicted that Autodesk would post earnings of $0.81 per share when it actually produced earnings of $0.85, delivering a surprise of 4.94% increase. The company has been surpassing its EPS estimates for the past four quarters now.
Autodesk surpassed the Zacks Consensus Estimate by 1.32%, by reporting revenues of $913.10 million for the quarter ended July 2020. Autodesk shares have added approximately 37.3% since the beginning of the year versus the S&P 500’s gain of 6.2%. Over the last four quarters, the company has topped its consensus revenue estimates four times now.
The street quoted Andrew Anagnost, Autodesk president and CEO as saying that they delivered a strong second quarter as a result of their resilient business model and strategic nature of their products. He believes that their cloud-based solutions are helping their customers stay productive in the current environment and have resulted in expanded relationships and usage of their products. He added that he is very proud of his team as they continue to deliver on their long-term strategic goals and remain confident in their growth drivers and fiscal 2023 targets.
Autodesk also announced that they increased their FY21 revenue view to $3.715 billion to $3.765 billion from $3.675 billion to $3.775 billion, versus the consensus $3.86 billion.
