Autodesk, a maker of software for computer-aided design and workflows, late Wednesday beat analyst estimates for its fiscal second quarter and topped views with its outlook. ADSK stock jumped in extended trading.
The San Francisco-based company earned an adjusted $1.91 a share on sales of $1.35 billion in the quarter ended July 31. Analysts polled by FactSet had expected earnings of $1.73 a share on sales of $1.32 billion. On a year-over-year basis, Autodesk earnings increased 16% while sales advanced 9%.
For the current quarter, Autodesk predicted adjusted earnings of $2 a share on sales of $1.39 billion. That's based on the midpoint of its guidance. Wall Street had called for earnings of $1.92 a share on sales of $1.38 billion in the fiscal third quarter. In the same quarter last year, Autodesk earned $1.70 a share on sales of $1.28 billion.
Chief Executive Andrew Anagnost said he expects Autodesk to benefit from customer demand for its artificial-intelligence-powered offerings.
"We've been laying the foundation to build enterprise-level AI for years," he said in a news release. "We are building the future with focus, purpose, and optimism."
ADSK Stock Rises After Report
Autodesk makes software for the architecture, engineering, construction, product design, manufacturing, media and entertainment markets.
In after-hours trading on the stock market today, ADSK stock surged 6.9% to 218.50. During the regular session Wednesday, Autodesk rose 1.9% to close at 204.36.
Autodesk ranks seventh out of 12 stocks in IBD's Computer Software-Design industry group, according to IBD Stock Checkup. ADSK stock has a so-so IBD Composite Rating of 78 out of 99.
IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.
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