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Autodesk swings to loss in fiscal Q3

Autodesk Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 was a loss of 6 cents per share, compared with the S&P Capital IQ consensus estimate of 7 cents per share.

The per-share result swung to a loss from the prior-year profit of 3 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $14.0 million, compared with income of $7.8 million in the prior-year period.

The normalized profit margin declined to negative 2.3% from 1.3% in the year-earlier period.

Total revenue fell on an annual basis to $599.8 million from $618.0 million, and total operating expenses increased on an annual basis to $614.6 million from $603.4 million.

Reported net income totaled a loss of $42.8 million, or a loss of 19 cents per share, compared with income of $11.6 million, or 5 cents per share, in the prior-year period.