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Autodesk Shift To Cloud Still Sticky, Guidance Lags

Autodesk (NASDAQ:ADSK) stock sank Friday after the design software maker late Thursday posted fiscal Q2 sales that missed, as did its guidance. Autodesk stock was down more than 7% in afternoon trading in the stock market today, near 46.50 and at a 16-month low.

San Rafael, Calif.-based Autodesk reported earnings per share excluding items of 19 cents, down 46% from the year-earlier quarter but 2 cents ahead of analyst forecasts.

For the period ended July 31, sales fell 4% to $609.5 million, below the $612.4 million expectation of analysts polled by Thomson Reuters.

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