Autodesk beats Q3 expectations, touts enterprise customer growth

The company's non-GAAP diluted EPS was $1.04 on revenue of $952 million, up 13% year-over-year.
Written by Natalie Gagliordi, Contributor

Autodesk published its Q3 results on Tuesday, coming out ahead of market expectations. The company's non-GAAP diluted EPS was $1.04 on revenue of $952 million, up 13% year-over-year. 

Wall Street was looking for earnings of 96 cents per share on revenue of $942.2 million. 

Autodesk CEO Andrew Anagnost said in prepared remarks that the company is seeing momentum among enterprise customers, noting that Autodesk signed a nine-digit deal in the quarter.

"Our strong third quarter results reflect the growing customer value of our cloud-based platform and the resilience of our subscription business model," said Anagnost. "Our enterprise customers are undertaking their own digital transformation and, by enabling that transformation, we are becoming strategic partners. We are confident in our fiscal 2023 targets and expect to see continued double-digit growth thereafter."

Recurring revenue represented 97 percent of Autodesk's total Q3 revenue. Meanwhile, total billings decreased 1% to $1.01 billion.

For Q4, Autodesk is expecting diluted EPS to range from $1.04 to $1.10, with revenue in the range of $999 million to $1.014 billion. Wall Street is looking for Q3 earnings of $1.06 per share on revenue of $1 billion. 

Shares of Autodesk were down slightly after hours.

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