Product design software provider Autodesk this week reported revenue of $490 million in its most recent quarter, an 18% drop from the same period last year, when revenue totaled $599 million. The result was in line with Autodesk’s revised expectations, announced in January, when the company also said it would trim its workforce by approximately 10% as part of a broader restructuring plan meant to help cut costs. The revised quarterly revenue projection was $50 million less than what the company had expected as recently as November 2008.
GAAP diluted loss per share for the quarter ended Jan. 31 was $0.47, compared with earnings of $0.40 per diluted share in the fourth fiscal quarter of the prior year.
“The global economic downturn is now significantly impacting each of our major geographies and all of our business segments,” said Autodesk CEO Carl Bass, on a conference call with investors Thursday. “Jobs are being lost across all industries; businesses around the world are still finding it difficult to secure credit financing … and manufacturers are slashing spending in response to lower end-user demand.”
Despite disappointing results in the second half of the year, Autodesk’s total revenue in fiscal 2009 was up 7% year over year to $2.32 billion. Net income for the year totaled $184 million, or $0.80 per diluted share on a GAAP basis, a significant drop from $356 million in 2008.