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Autodesk cuts fiscal 2020 profit forecasts amid trade, economic uncertainties

Autodesk Inc. lowered its fiscal full-year profit outlook as it flagged trade and macroeconomic uncertainties as near-term headwinds, sending the company's shares plunging in after-hours trading.

The design software and services company now expects to earn between $2.69 per share and $2.81 per share on a non-GAAP basis in the fiscal year ending Jan. 31, 2020, down from a prior guidance range of $2.71 per share to $2.90 per share.

Autodesk also lowered its full-year GAAP EPS forecast to a range of 75 cents to 87 cents, from a range of 83 cents to $1.02 previously.

Revenue for fiscal 2020 was projected to be between $3.24 billion and $3.27 billion, down from a prior forecast of $3.25 billion to $3.30 billion.

"While we continue to execute well and are not materially impacted by current trade tensions and macro uncertainty, we are taking a prudent stance to our second half fiscal 2020 outlook," said Autodesk CFO Scott Herren.

In the fiscal second quarter that ended July 31, Autodesk's non-GAAP earnings rose year over year to 65 cents per share from 19 cents per share.

Non-GAAP earnings in the fiscal first half climbed to $1.10 per share from 26 cents per share in the prior-year period.

Autodesk shares were down more than 11% shortly before 5:30 p.m. ET. The stock ended the trading day 1.63% higher.