Autodesk: Layoffs Put An Iconic Franchise On Discount (stocks)

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  12 December 2017
Autodesk: Layoffs Put An Iconic Franchise On Discount (stocks)

SummaryAutodesk reported a small beat in its Q3 earnings, but also announced a round of layoffs that has sent the stock down nearly 20% post-earnings.The layoffs affect 13% of its workforce (approx. 1,150 employees), though management says this move is not a cost reduction and is coming from a "position of strength."Autodesk is still in the midst of transitioning its sales model to a subscription-based cloud delivery model. Subscription revenues increased 106% y/y in the quarter.Total revenues also returned to growth (+5% y/y) in the quarter, coming from several quarters of decline in the year.Though Autodesk has historically been an expensive stock, the recent pullback makes shares appealing.
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