Connect with us

Business

Autodesk stumbles on soft routing and negative tone; Analysts downgrade by Investing.com

Avatar

Published

on


© Shutterstock Autodesk (ADSK) Breaks down on soft steering and negative pitch; parser cuts

By Sinad Karametovic

Autodesk (NASDAQ: ) submitted an earnings report online, but soft guidance sent stocks lower in after-hours trading Tuesday. Further, the company lowered its full-year billing guidance.

Autodesk reported $1.70 in the third quarter on revenue of $1.28 billion, in line with the median estimate of analysts. While revenue increased 14% year-over-year, net subscription revenue was $1.19 billion, below an estimate of $1.21 billion.

This quarter, Autodesk said it expects EPS to come in at $1.80 (the midpoint), missing consensus of $1.83. Revenue ranges between $1.303 billion and $1.318 billion, again below the $1.33 billion estimate.

Advertisement

ADSK lowered its full-year guidance for billings to a range of $5.57-5.67 billion from $5.71-5.81 billion previously, and below the consensus of $5.73 billion. Adjusted operating margin is considered at 36%.

The company also announced that its board of directors had approved a $5 billion share buyback program.

The company’s chief financial officer, Debbie Clifford, said on the earnings call that customers are shifting toward annual contracts and are less interested in multiyear billings in general.

Mizuho analysts downgraded ADSK to Neutral from Buy with a stock price target of $210 (down from $260).

“Given the increasingly uncertain operating environment, we find it difficult to continue to recommend the name in the more challenging fiscal ’24, and we believe that discounting the modest rating of the broader enterprise suite of programs is justified,” they explained in the downgrade note.

Advertisement

Oppenheimer analysts said the reduced billings and cash flow guidance are “unlikely to satisfy investor appetite.” Analysts cut the price target to $220 from $255 per share.

“We expect pressure on stocks with investors looking for a modest upside following positive partner comments and peer group earnings,” the analysts said in a note.

As of 07:35 ET (12:35 GMT), shares of ADSK were down more than 10%.

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published.

Business

Coinbase CEO Brian Armstrong Says He’s ‘Puzzled’ That FTX’s Sam Bankman-Fried Isn’t ‘Really Taken’

Avatar

Published

on

FTX founder Sam Bankman-Fried should now be in custody, in connection with Brian Armstrong. The Coinbase The CEO said this week it was “puzzling to me why he wasn’t already in custody”.

“The Department of Justice or whoever should be able to testify — just based on his public statements, I think there is a very open and closed case of fraud,” Armstrong said At the a16z Crypto Founders Summit on Tuesday. He added, “I’m no expert on this, but the people I talk to seem to agree on that.”

Armstrong also asked why the media refrained from describing Bankman Fried as a criminal.

“I think we were all shocked to see the scale of fraud that happened at FTX. And let’s call it a scam. We have to call it what it actually is. It was very strange that the mainstream media didn’t really come out and say, ‘This guy is a criminal.’ They probably want to wait until He’s already being charged or something, and in custody. But it seems pretty clear at this point that that’s the case.”

Advertisement

FTX exploded spectacularly last month, surprising many in and outside the crypto sector. The $32 billion exchange has established itself as an industry leader, yet Recruit star athletes Like Tom Brady and other celebrities to enhance her image. Its collapse shook confidence in the cryptocurrency sector and sparked calls for tighter regulation.

Bankman-Fried resigned as CEO of FTX on November 11, the same day that the company, along with the trading arm of Alameda Research, Filed bankruptcy. One of the main accusations leveled against Bankman-Fried is that it used customer funds from its cryptocurrency exchange To finance risky bets At Alameda Research.

Armstrong Coinbase, like FTX, is a cryptocurrency exchange. But while FTX Bankman-Fried is based in the Bahamas – where he reportedly enjoyed a program Luxurious penthouse lifestyle—Coinbase is a public company in the United States

“You can read our financials,” Armstrong said. “Audited by a third party, you don’t have to trust us. All client funds are segregated. We don’t invest any money from clients without their express direction.”

Advertisement

People will go to jail

Armstrong wasn’t the only cryptocurrency mogul to share Bankman-Fried’s harsh views this week. Mike Novogratz, CEO of cryptocurrency firm Galaxy Digital Holdings, told Bloomberg Television On Thursday, “Sam and his colleagues swindled. They used clients’ money to bet that he ‘mismanaged the risk’ after he made it.”

The problem was that he took our money. Novogratz added. “And so he needs to be sued. People are going to go to jail, and they should go to jail.”

Shares in Coinbase and Galaxy Digital are both listed in Canada dropped more than 25% last month, exacerbating an already harsh “crypto winter.” Coinbase shares are down nearly 80% this year, wiping out about $44 billion in value. Black stone CEO Larry Fink said this weekI actually think most companies wouldn’t exist, he said, referring to the embattled crypto sector.

Last week, Mark Cuban, billionaire owner of the Dallas Mavericks and a prominent crypto investor, told TMZ that Bankman-Fried You should worry about it jail time.

“I don’t know all the details,” he said, “but if I were him, I would be afraid to go to prison for a long time.” “It sure looks bad. I actually talked to the guy, and I thought he was smart, but boy, I had no idea he was going to take other people’s money, you know, and put it to his own personal uses. Yeah, that sure… looks like it happened.” .

Advertisement

Armstrong lamented the fact that the crypto sector attracts an overwhelming number of bad actors.

“We have to kind of come to terms as an industry with the fact that our industry attracts a disproportionate share of scammers and scammers. And that’s really unfortunate. It doesn’t mean it’s representative of the entire industry.”

This story originally appeared on Fortune.com

More Fortune: The American middle class at the end of an era Sam Bankman-Fried’s crypto empire was run by a gang of kids in the Bahamas who all dated each other. The 5 most common mistakes lottery winners make Tired of the new Omicron variant? Be prepared for these symptoms

Source link

Advertisement

Continue Reading

Business

Amazon resumes advertising on Twitter

Avatar

Published

on


© Reuters. FILE PHOTO: The Amazon logo is seen outside the JFK8 Distribution Center in Staten Island, New York, US November 25, 2020. REUTERS/Brendan McDiarmid

(Reuters) – Amazon.com Inc (NASDAQ:) plans to reinvent advertising on Twitter at about $100 million annually, pending some security tweaks to the social media company’s advertising platform, according to a tweet by a Platformer reporter Saturday.

Twitter CEO Elon Musk also said Apple Inc (NASDAQ::) has resumed advertising on the platform, according to a Bloomberg report, citing comments made during a Twitter Spaces chat on Saturday.

Amazon, Apple and Twitter did not immediately respond to a Reuters request for comment.

Source link

Advertisement

Continue Reading

Business

FTX founder Sam Bankman-Fried says he can’t count the billions sent to Alameda

Avatar

Published

on

The businessman says he had little insight into the workings of the trading company despite owning 90% of it.

Source link

Continue Reading
Advertisement

Trending