dr marten chelsea boots Autodesk cuts 157 employees in San Francisco
Autodesk on Nov. 28 reported fiscal 2018 third quarter revenue of $515 million, up 5 percent from the same quarter last year, but a loss of 55 cents a share, less than the loss of 64 cents last year.
In its transition to a subscription business model, Autodesk planned to restructure the company, cut about 13 percent of its workforce and take a pre tax restructuring charge of $135 million to $149 million. Nearly $100 million will be taken in the next fiscal quarter, the rest in fiscal 2019.
“We are pleased with another solid quarter of execution and progress on our business model transition,” said Andrew Anagnost, Autodesk president and CEO,
in a statement. “We’re experiencing healthy trends in several key transition metrics,” he said. “As we enter the growth phase of our model transition, we need to re balance investments to focus on our strategic priorities. This includes divesting from some areas and increasing our investment in others. We’re taking this restructuring action from a position of strength. This is not a cost reduction.”
Autodesk, which expects full year revenue of about $2 billion, makes three dimensional imaging software used by architects, engineers and other designers. The company has almost 9,000 employees, with nearly 2,000 in its offices in San Rafael and San Francisco.
Autodesk’s previous business model was based on licensing its software. The company’s transition is to a model involving cloud based subscriptions to its services. A subscriber to Autodesk services would pay a monthly amount automatically under terms of the service.