Although design software vendor Autodesk Inc. said business began to stabilize over the past three months, the company yesterday reported another difficult quarter, with sales, license revenue, and earnings all dipping sharply in the period ended Oct. 31.
Blaming the global recession and, in particular, persistent high unemployment rates, Autodesk reported third-quarter revenue of $416.9 million, 31.3% below that of the same period last year. License revenue dropped further, falling almost 44% to $236 million. Maintenance revenue, at $181 million, was down 2.7%. Autodesk’s net earnings were $29.5 million, down 72% from the prior-year period.
Autodesk CEO Carl Bass, in remarks to securities analysts, said employment cutbacks among the company’s customers have undermined Autodesk’s results, as many companies have reduced licenses and subscriptions in line with lower headcount.
“While there are several data points in our business that are encouraging and represent positive indicators for our business, the health of the global economic environment remains mixed, and the continued job losses in our core markets represent ongoing challenges to a swift recovery in our business,” Bass said in a prepared statement.