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Autodesk reports fourth-quarter loss
Last Modified: Thursday, February 26, 2009 at 3:47 p.m.
SAN RAFAEL Feb. 26, 2009 -- Autodesk Inc. (ADSK) reported a net loss for the fourth quarter, with global revenues dropping 17 percent in the Americas and 25 percent in Asia.
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The design software and services provider posted a net loss of $105.3 million, or $0.47 per share for the fourth quarter, compared to net income of $96.5 million, or $0.40 per share in the fourth quarter of the prior year.
The loss was attributed to goodwill impairment and deteriorating global economic conditions. Autodesk also provided financial outlook for the first quarter, falling short of analysts' expectations.
As previously announced, Autodesk will pare its global workforce by about 750 employees, or about 10 percent of its workforce, and consolidate certain facilities and operations.
The company, which employs about 1,200 in its San Rafael headquarters, recently announced it will sublease about a quarter of its space there as a part of the cost cutting measures.
Autodesk provides software and services to the manufacturing, building and construction, and media and entertainment markets.
The company's stock price was $14.06 at the close of trading today, a decrease of 24 cents, or 1.7 percent, from yesterday's closing price.
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