Design software and services company Autodesk Inc. narrowed its loss in the first quarter from the same period last year, driven by strong subscription revenue.
The company's net loss for the quarter that ended April 30 stood at $82.4 million, or 38 cents per diluted share, down from $129.6 million, or 59 cents per diluted share, in the same period last year.
On a non-GAAP basis, diluted net income came in at 6 cents per share, from a loss of 16 cents per share. S&P Capital IQ's consensus normalized EPS estimate was 3 cents.
Subscription revenue surged to $350.4 million for the quarter from $173.4 million, resulting in total net revenue of $559.9 million, up from $485.7 million.
Autodesk said it expects a second-quarter GAAP loss in the range of 38 cents to 35 cents per share, and full-year GAAP loss in the range of 58 cents to 40 cents per share. Non-GAAP EPS is expected to be in the range of 13 cents to 16 cents in the second quarter and 92 cents to $1.10 for full-year fiscal 2019.
