Autodesk Slumps Most Since 2008 as Forecast Falls Short
Autodesk Inc. (ADSK), a maker of architectural and engineering software, fell the most in more than three years after providing a second-quarter earnings forecast that trailed some analysts’ estimates.
The stock dropped 13 percent to $30.26 at the close for the biggest decline since Nov. 21, 2008. Before today, the shares had jumped 15 percent this year.
Fiscal second-quarter earnings will be 46 cents to 51 cents a share, excluding items such as stock-based compensation, the San Rafael, California-based company said yesterday after the markets closed. Analysts anticipated 51 cents on average, based on estimates compiled by Bloomberg.
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