Autodesk Inc.(NASDAQ:ADSK) saw its shares take a dive, extending losses from late yesterday, after the company unveiled its third quarter numbers and told the market that it was slashing about 13% of its workforce.
The layoffs are part of its restructuring plan, which the software company said is aimed at streamlining the organisation and re-balancing resources “to better align with the company's priorities."
Not a cost reduction exercise
Around 1,150 workers will be out of jobs, the company said.
“We're taking this restructuring action from a position of strength," said Chief Executive Andrew Anagnost, adding that the move aims to change the focus of investments during a "growth phase" of the transition to cloud delivery.
"This is not a cost reduction activity," he maintained.
Q3 numbers beat expectations
For the fiscal third quarter, the company reported a net loss of US$119.8mln or 55 US cents a share, on revenue of US$515.3mln, up from the US$490mln recorded a year ago.
After adjusting for stock-based compensation and other expenses, the company said net loss stood at 12 US cents a share, from an adjusted loss of 18 US cents a share a year ago.
The numbers were slightly better than what the market had been expecting. Analysts’ consensus was for an adjusted loss of 13 US cents a share on sales of US$514mln.
In premarket trade, its shares were off 12.27% at US$114.00.