Autodesk stock rose Friday after the maker of computer-aided design software handily beat expectations for its fiscal second quarter.
The San Francisco-based company late Thursday said it earned an adjusted $2.62 a share on sales of $1.76 billion in the quarter ended July 31. Analysts polled by FactSet had expected earnings of $2.45 a share on sales of $1.73 billion. On a year-over-year basis, Autodesk earnings rose 22% while sales climbed 17%.
For the current quarter, Autodesk forecast adjusted earnings of $2.50 a share on sales of $1.81 billion. That's based on the midpoint of its guidance. Wall Street was modeling earnings of $2.39 a share on sales of $1.77 billion in fiscal Q3. In the year-earlier period, Autodesk earned an adjusted $2.17 a share on sales of $1.57 billion.
Autodesk makes design software for industries such as architecture, construction, manufacturing and media.
On the stock market today, Autodesk stock advanced 9.1% to close at 314.70. Earlier in the session, it climbed as high as 326.45.
"Q2 was another strong quarter," Chief Financial Officer Janesh Moorjani said in a news release. "We saw strength in AECO (Architecture, Engineering, Construction, and Operations), where our customers are benefiting from sustained investment in data centers, infrastructure, and industrial buildings, which is more than offsetting softness in commercial."
Autodesk Stock Nears Buy Point
Meanwhile, Autodesk is leading the industry in generative artificial intelligence tools, Chief Executive Andrew Anagnost said.
"We have been building industry-specific foundation models and products capable of understanding and reasoning about 2D and 3D geometry, design and make data, complex structures, and even physical behavior," Anagnost said.
At least 12 Wall Street analysts raised their price targets on Autodesk stock after the company fiscal Q2 report.
Autodesk stock is on the IBD Tech Leaders list.
Autodesk stock is in a 40-week consolidation pattern with a buy point of 326.62, according to IBD MarketSurge charts.
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