5 Stocks in Focus After Posting Their Financial Results

1. Autodesk, Inc. (NASDAQ:ADSK)

Number of Hedge Fund Holders: 60

Shares of Autodesk, Inc. (NASDAQ:ADSK) plummeted more than 15 percent on Wednesday, 24 November 2021, despite beating expectations for the third quarter. The company reported adjusted earnings of $1.33 per share, up from $1.04 per share in the year-ago quarter.

Revenue for the quarter jumped 18 percent on a year-over-year basis to $1.13 billion. The surge was mainly driven by strong design revenue, which climbed 17 percent versus last year to $994 million. Analysts were expecting Autodesk, Inc. (NASDAQ:ADSK) to post earnings of $1.26 per share on total revenue of $1.12 billion

The company also narrowed its profit outlook for the full year. Autodesk, Inc. (NASDAQ:ADSK) now expects adjusted earnings in the range of $4.98 – $5.04 per share, compared to its earlier guidance of $4.91 – $5.06 per share.

Speaking on the results, CFO Debbie Clifford said:

“Demand was robust in Q3, driving strong new subscriptions growth and renewal rates. We expect it to remain so in Q4. However, supply chain disruption and resulting inflationary pressures, a global labor shortage, and the ebb and flow of COVID, are impacting the pace of our recovery and outlook.”

You can also take a peek at Top 10 Stocks to Invest in According to Alan Fournier’s Pennant Capital and Top 10 Stock Picks of Brandon Osten’s Venator Capital Management.

Follow Insider Monkey on Twitter