Autodesk Q1 Down Across the Board

20 May

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Autodesk reported a Q1 decline in revenue across the board, with  an 8% decline in Media & Entertainment division revenue, to $47M million, compared to Q1 in 2012.

These results are in contrast to the positive Q4 results releases in February (Autodesk Reports Annual Revenue Up 14% ) where the company reported a 14% revenue growth across the board, with a 7% increase in the Media & Entertainment division.

Autodesk executives comments were mixed:

“A mixed global economy weighed heavily on our first quarter results,” said Carl Bass, Autodesk president and CEO. “There were positive areas in the quarter but overall, a weak April led to a disappointing finish to the quarter. While the global macroeconomic conditions are uneven, we remain focused on revenue growth by delivering the best design solutions to our customers.”

“We achieved strong deferred revenue and subscription billings growth, and record cash flow from operations in the first quarter,” said Mark Hawkins, Autodesk executive vice president and CFO. “Our performance in the first quarter and a global economy that continues to be uneven, have led us to reconsider our fiscal year 2014 outlook. While our near-term targets are lower, we remain committed to driving long-term revenue growth and operating margin expansion as we balance our ongoing cost controls with key investments in our business.”

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