Autodesk says it’s increasing its cost-cutting to $300 million this year as it tries to cope with plummeting sales. While no more employees will be losing their jobs, they will lose more pay and travel less.
ADSK shares bounced up as financial analysts were thrilled that the company’s steep drop in revenue of 33% (over the same quarter a year ago) was a few million less worse than predicted and that employees would earn less.
Q2 profits: $10.5 million, down 88% from $89.8 million a year ago.
Q2 revenues: $414.9, down 33% from $619.5 million a year ago.
H1 losses: $21.7 million, down from a profit of $184.4 million a year ago.
Q3 projection: $400-$420 million revenue
Source.
ADSK shares bounced up as financial analysts were thrilled that the company’s steep drop in revenue of 33% (over the same quarter a year ago) was a few million less worse than predicted and that employees would earn less.
Q2 profits: $10.5 million, down 88% from $89.8 million a year ago.
Q2 revenues: $414.9, down 33% from $619.5 million a year ago.
H1 losses: $21.7 million, down from a profit of $184.4 million a year ago.
Q3 projection: $400-$420 million revenue
Source.
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