Autodesk announces job cuts, restructuring

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Old 10 October 2013   #1
Autodesk announces job cuts, restructuring



3D engineering and architecture software firm's action follows weak Q2 results. Autodesk, Inc. on Monday said it is restructuring its business, cutting staff, and consolidating “certain leased facilities.”

The San Rafael, Calif.-based 3D engineering and architecture software maker did not disclose how many jobs will be affected, but said it expects to record pre-tax, restructuring charges of $15 million to $20 million, about 80 percent of which is for one-time employee termination benefits.

Autodesk said Monday in a securities filing it is “taking these actions to re-balance staffing levels to better align them with the evolving needs of the business.”
The moves comes on the heels of weaker-than-expected second quarter results, which Autodesk reported in August. The job cuts could impact Autodesk’s Media & Entertainment and Platform Solutions and Emerging Business segments after they posted quarterly sales declines of 11 percent and 9 percent, respectively. Sales of its flagship AutoCAD software used by designers, engineers and architects, suffered an 11 percent drop in the quarter.

"The challenging dynamics within some of the end-markets that we serve has led us to adjust our growth assumptions," Autodesk CFO Mark Hawkins said of the second quarter results.

The company said it expects to substantially complete the restructuring by the end of April. Shares of Autodesk rallied Monday despite the news, closing at $41.17, down from its 52-week high of $42.41 reached last Thursday. Autodesk’s market cap is $9.2 billion and P/E ratio is 42.66.

Investors are still bullish on Autodesk, especially since it reported an 18 percent jump in second quarter revenue from its Suites segment, which provides software platforms combining desktop and cloud-based services. Revenue from its AEC business segment increased 9 percent in the second quarter.

Autodesk forecast adjusted earnings of $0.36 to $0.40 per share for the third quarter on revenue of $540 million to $555 million, that’s less than analysts’ estimates of $0.50 and $581 million, according to Thomson Reuters. For the year, Autodesk projects revenue to reach nearly $2.4 billion, up about 3 percent.
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Old 10 October 2013   #2
Last time they did not join SIGGRAPH 2013 for the first time as well !
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Old 10 October 2013   #3
Current mood at Media & Entertainment:
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Old 10 October 2013   #4
"Our shareholders are upset that our profits grew only 3% this year."

"Well, then, layoffs and restructuring are in order! Except for senior staff, of course."
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Old 10 October 2013   #5
Originally Posted by Artbot: "Our shareholders are upset that our profits grew only 3% this year."

"Well, then, layoffs and restructuring are in order! Except for senior staff, of course."

Public company if they are not growing 10% yoy then they are nothing.. Which is hard for them to do unless they buy their way into new markets..

Your subscription money will basically be spent firing people.
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Old 10 October 2013   #6
Originally Posted by Kabab: Public company if they are not growing 10% yoy then they are nothing.. Which is hard for them to do unless they buy their way into new markets..

Your subscription money will basically be spent firing people.

Not to worry, next year's subscription price increase will solve that.
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Old 10 October 2013   #7
Thanks for posting, but we
We need a link to the source article:
Anyway I found this link:

http://www.bizjournals.com/sanfranc...s-job-cuts.html
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Old 10 October 2013   #8
It's a modern world where companies like Facebook, makes so much more money on free products than these traditional 3d companies, like Adobe and Autodesk, who constantly ask their users and subscriber, for more money each year after each release.
 
Old 10 October 2013   #9
Originally Posted by RobertoOrtiz: Thanks for posting, but we
We need a link to the source article:
Anyway I found this link:

http://www.bizjournals.com/sanfranc...s-job-cuts.html

Yeah I will do it next time! Thanks
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Old 10 October 2013   #10
weren't they supposed to have some big announcement on the 2nd of this month?
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Old 10 October 2013   #11
Originally Posted by RobertoOrtiz: Thanks for posting, but we
We need a link to the source article:
Anyway I found this link:

http://www.bizjournals.com/sanfranc...s-job-cuts.html


No article needed, here is the filed official report
http://www.sec.gov/Archives/edgar/d...xrestructur.htm
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Old 10 October 2013   #12
Does a greed has anything to do with all of that, I'm wondering ?
 
Old 10 October 2013   #13
Originally Posted by xxbinxx: Last time they did not join SIGGRAPH 2013 for the first time as well !


What does that have to do with anything?
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Old 10 October 2013   #14
Originally Posted by doffer: What does that have to do with anything?


Agreed. Besides they did, just not with their own Booth if i am not mistaken...which might have to do with Siggraph itself i reckon..
 
Old 10 October 2013   #15
Originally Posted by rock: It's a modern world where companies like Facebook, makes so much more money on free products than these traditional 3d companies, like Adobe and Autodesk, who constantly ask their users and subscriber, for more money each year after each release.


Companies like Facebook sell the information they gather about you to companies that produce actual things so they can sell it to you...
 
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