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Autodesk Inc. (ADSK) Is Sinking After Job Cuts

Autodesk Inc. (ADSK) reported a third quarter loss of $0.12 per share after the bell Tuesday, compared to the loss of $0.18 per share last year. The consensus estimate was for a loss of $0.13.

The company also announced that it plans to slash 1,150 jobs, or 13% of its workforce.

Autodesk has gapped open sharply lower Wednesday morning and is now down 18.15 at $111.80 on above average volume. The stock is pulling back from the highs of the year and has set nearly a 2-month low.

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