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Autodesk Inc. (ADSK) Tumbled 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 gapped open sharply lower Wednesday and declined during the first hour of trade. The stock was range-bound for the rest of the session and closed down by 20.61 at $109.34 on the highest volume of the year. Autodesk sank to a 2-month low and dropped below its 50-day moving average.

by RTTNews Staff Writer

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