Autodesk Beats in Q1, Raises Outlook Amid Ongoing Cloud Demand By Investing.com

By Yasin Ebrahim

Autodesk (NASDAQ:ADSK) (NASDAQ:ADSK) raised full-year guidance on revenue after reporting Thursday first-quarter results that beat analysts’ forecasts, driven by ongoing customer demand for cloud services and a boost from acquisitions.

For the full-year, adjusted EPS was forecast in a range of $4.67 to $4.97 on revenue of $4.31 billion to $4.39 billion.

“We are raising our FY22 revenue guidance to reflect a partial year contribution from acquisitions and remain on track to achieve our FY23 financial goals,” the company said.

Autodesk announced earnings per share of $1.03 on revenue of $989.3 million. Analysts polled by Investing.com anticipated EPS of 94 cents on revenue of $965.03 million.

Subscription revenue increased 18% to $978 million, while maintenance plan revenue was $19 million, a decrease of 69%

For Q2, adjusted EPS was guided in a range of $1.08 to $1.14 on revenue of $1.05 billion to $1.06 billion.

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