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Autodesk shares drop after Q2 earnings miss; fiscal 2020 guidance affirmed

Shares of Autodesk Inc. sank in after-hours trading after the company affirmed its adjusted profit guidance for fiscal 2020 and reported second-quarter core earnings that missed analysts' expectations.

The software services company expects adjusted EPS of between $2.71 and $2.90 in the fiscal year ending Jan. 31, 2020, unchanged from its previous outlook.

On a GAAP basis, Autodesk lowered its full-year EPS forecast to a range of 83 cents to $1.02, from a range of $1.12 to $1.31.

Autodesk also maintained its full-year revenue projection of $3.25 billion to $3.30 billion and free cash flow forecast of approximately $1.35 billion.

Autodesk shares were down 8.69% to $154.80 as of 5:50 p.m. ET. The stock closed the trading day 2.58% lower.

In the fiscal first quarter that ended April 30, Autodesk reported non-GAAP net income of $99.0 million, or 45 cents per share, up from $14.4 million, or 6 cents per share, a year earlier. The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 47 cents.

Autodesk's GAAP net loss in the fiscal first quarter narrowed to $24.2 million, or 11 cents per share, from a year-ago net loss of $82.4 million, or 38 cents per share.

Quarterly revenue rose year over year to $735.5 million from $559.9 million.

For the fiscal second quarter, Autodesk expects to earn between 59 cents per share and 63 cents per share on an adjusted basis, and between 13 cents per share and 17 cents per share on a GAAP basis.

Revenue for the quarter is projected to be in the range of $782 million to $792 million.