US stocks soared to a higher close on Tuesday, but after hours software group Autodesk Inc (NASDAQ:ADSK) shares went the other way, shedding 12.64% after the bell.
It came after the chief executive CEO Andrew Anagnost unveiled a plan to restructure the group, "divesting from some areas" and increasing investment in others, he said.
Shares after the bell went to US$113.53.
Autodesk shares are tanking after news that it will lay off more than 1,000 employees in a restructuring https://t.co/Vd84Xm1mNR $ADSK pic.twitter.com/ZzMHpGY3Aw
— MarketWatch (@MarketWatch) 28 November 2017
The firm had just reported third quarter earnings and revenue that beat Wall Street expectations, but posted weaker than anticipated guidance for the coming quarter.
Elsewhere, Nuance Communications Inc (NASDAQ:NUAN) shares went the other way, adding almost 95 US cents to US$17.25 as the speech and imaging applications provider reported third quarter earnings, which surpassed Wall Street's expectations.
Meanwhile in technology, Marvell Technology Group Ltd (NASDAQ: MRVL) shares rose 3.14% to US$24 after the computer chipmaker reported earnings and revenue that beat Wall Street expectations.
Last but not least, Wesco Aircraft Holdings Inc (NYSE:WAIR) plunged over 15% to US$6.50 as the aerospace supply chain management services provider missed expectations on earnings and revenue, and reported a fourth-quarter loss of US$38.3mln, having reported a profit in the year ago quarter.