Autodesk Shares Fall on Weak Profit Forecast
Autodesk shares dipped in extended trading after forecasting third quarter adjusted profit below Wall Street expectations. The software maker cited higher costs from its MaintainX acquisition and ongoing investor concerns regarding artificial intelligence.
AUTODESK INC forecast third-quarter adjusted profit below Wall Street expectations during Thursday evening trading, sending shares down 5%. The design software maker cited higher integration costs following its $3.6 billion acquisition of MaintainX. Autodesk expects third-quarter adjusted profit between $3.04 and $3.09 per share, trailing the $3.14 average estimate compiled by LSEG.
The software sector has faced ongoing pressure this year as investors weigh the risk of general-purpose AI tools replacing specialized design software functions. To counter these concerns, Autodesk agreed in May to acquire MaintainX to accelerate its artificial intelligence capabilities.
