Q1 Lower than Expected
During its earnings call, Autodesk claimed weak sales to EMEA [Europe, Middle East, Asia] and Media & Entertainment customers are hurting results; it blames the latter on a mix shift towards suites, and weak demand for Creative Finishing software.
[Financial analyst] Jefferies also notes maintenance and backlog numbers were weak, but thinks Autodesk's margin improvements and transition to a subscription-based model will drive shares higher.
Future Outlook Lower than Expected
Although results weren't bad, the CAD software giant is guiding for FQ2 [fiscal quarter] revenue of $580M-$600M [million] and EPS [earnings per share] of $0.46-$0.51, largely below a consensus of $600.7M and $0.51.
Also, guidance for FY13 [fiscal year] revenue growth of 10% is slightly below a 10.4% consensus, and below a long-term target of 12%-14%.