Autodesk lowers its full-year guidance due to concerns around the U.S.-China trade war.
Autodesk beat expectations on the top and bottom lines in its, but cited concerns around the trade war as the reason for its conservative guidance.
Herren reiterated on the company's earnings call that trade disputes and the broader geopolitical environment were to blame for the adjusted guidance and that it "now reflects our current views based on what we know about the environment today.", " Autodesk CEO Andrew Anagnost acknowledged the trade war played a part in the company's decision to issue softer guidance.
The company lowered its fiscal 2020 revenue guidance to a range of $3.43 billion to $3.49 billion, down from its previous estimates of $3.5 billion to $3.55 billion. Its fiscal third-quarter estimates also missed projections, with the company expecting earnings of 70 cents to 74 cents per share on revenue of $820 million to $830 million vs. analysts' expectations of 77 cents and $838.8 million.
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