Autodesk is the software company that is known for designing AutoCAD. Last month, Autodesk acquired Socialcam for around $60 million. Earlier this week Autodesk had reported their quarterly earnings and their stock plummeted as a result. The company had lost around 22% of their value in after-hours trading as of Wednesday on the NASDAQ. Autodesk had reported that their Q2 profit had fallen 9.3% year-over-year and revenue was at $569 million, which was a 4% increase year-over-year.
?Our own execution challenges, combined with an uneven global economy, resulted in disappointing revenue results for the quarter,? stated Autodesk CEO Carl Bass in a statement. ?Organizational changes we made within the company earlier this year slowed us down during the quarter. Despite our second quarter results, the changes better position Autodesk to meet the needs of our customers. We are focused on working through our internal challenges as rapidly as possible.?
Autodesk had cut their full year sales growth forecast and on top of their currently planned layoffs, they will be having more.