ADSK Q2 up 4% yoy (updated)

Autodesk this afternoon is reporting that its Q2 revenues rose just 4% over a year ago, to $569 million, because, as ceo Carl Bass explains:

Our own execution challenges, combined with an uneven global economy, resulted in disappointing revenue results for the quarter.

He plans to cut spending for the rest of the year, chopping jobs ("reducing its overall staffing levels") and the number of contractors, cutting travel (other than sales), and reducing the number of leased buildings ("consolidate certain leased facilities").

Blame it on the cloud: "This restructuring is squarely focused on our continued transformation and shift to more cloud and mobile computing."

Worldwide results:

• Europe, Middle East, and Asia = down 1%
• North, Central, and South America = up 4%
• Rest of the world = 0%

The company expects FY13 net revenues to grow just 4-6%, instead of the "at least" 10% predicted as recently as mid-June.

source
businesswire.com/portal/site/home/email/alert/?ndmViewId=news_view&newsLang=en&newsId=20120823006198 

 

Update

A reader whose IP address places him in Waltham MA left a comment (not published) claiming to be Carl Bass. Autodesk competitor: poor job.

Comments

[Autodesk competitor from Acton MA]

Autodesk has a location in Waltham MA. That comment could easily have come from a disgruntled Autodesk employee, especially in light of layoff announcements.