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The Stock of Autodesk Rallies 6% Following an Internal Audit That Eases Accounting Concerns

June 2, 2024
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Autodesk Inc. shares surged over 6% in after-hours trading on Friday following the company's announcement that an internal investigation had cleared it of any wrongdoing in the disputed accounting practices.

The software company, Autodesk (ticker: ADSK, +0.84%), also shared preliminary results for its first fiscal quarter, surpassing Wall Street forecasts, and provided optimistic guidance for the current quarter and the fiscal year 2025.

According to Autodesk, the audit committee has completed its investigation into certain accounting practices concerning cash flow and operating margins. The committee concluded that no restatements or adjustments to financial statements were necessary. This investigation began in early April.

Autodesk emphasized that it is "working diligently" to finalize its 10-K filing and to hold an earnings call to discuss the first-quarter results as soon as possible.

For the first quarter, Autodesk anticipates adjusted earnings per share (EPS) of approximately $1.87 on revenues of $1.42 billion. This is higher than the FactSet-compiled consensus, which predicted adjusted EPS of $1.74 on revenues of $1.39 billion.

Looking ahead to the second quarter, Autodesk expects revenues between $1.475 billion and $1.490 billion, with adjusted EPS ranging from $1.98 to $2.04. Analysts surveyed by FactSet had forecasted second-quarter adjusted EPS of $1.97 on revenues of $1.47 billion.

For fiscal year 2025, Autodesk projects revenues between $5.99 billion and $6.09 billion and adjusted EPS between $7.99 and $8.21. The FactSet consensus estimate stands at an adjusted EPS of $8.05 on revenues of $6 billion.

Additionally, Autodesk announced the appointment of Elizabeth “Betsy” Rafael as the interim chief financial officer, effective immediately.

John Liu
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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