Autodesk (NASDAQ:ADSK) reported third-quarter results that topped estimates on both the top and bottom lines. But the software maker downgraded its outlook on recurring revenue growth.
The software company said it expects annualized recurring revenue for fiscal 2020 of $3.4 billion to $3.44 billion, down from its previous guidance of $3.43 billion to $3.49 billion. The company previously warned that the ongoing U.S.-China trade war could hurt its financials in the second half of the fiscal year.
The company reported earnings per share (EPS) of $0.78 on revenue of $842.7 million. Analysts polled by expected EPS of $0.72 on revenue of $825.75 million. That compared to EPS of $0.29 on revenue of $660.9 million in the same period a year earlier. The company had reported EPS of $0.65 on revenue of $796.8M in the previous quarter.
Looking ahead, the company guided fourth-quarter EPS in the range fo 42 to 47 cents a share and revenue in the range of $880 million to $895 million.
Autodesk (NASDAQ:ADSK) shares lost 3.69% to trade at $165.01 in after-hours trade following the report.
