Autodesk said that due to 'trade tensions and macro uncertainty,' it lowered its revenue outlook for the year.
Autodesk said it expects annualized recurring revenue for fiscal 2020 of $3.43 billion to $3.49 billion, which is lower than its previous outlook.
"While we continue to execute well and are not materially impacted by current trade tensions and macro uncertainty, we are taking a prudent stance to our second half fiscal 2020 outlook," Autodesk said in its second-quarterThe company said it expects annualized recurring revenue for fiscal 2020 of $3.43 billion to $3.49 billion, down from its previous prediction of $3.5 billion to $3.55 billion.
Autodesk's stock has gained 17% so far in 2019, outperforming the S&P 500, which is up just under 15%. The company, whose software is used by architects and engineers as well as people in the media and entertainment industry, has pushed its offerings to the cloud in recent years, establishing a business built more on subscriptions.
is on the horizon. In its earnings statement, Autodesk didn't say what specific concerns it has about a slowing economy and added that its "recurring revenue model is much more resilient than in prior cycles."may do next is leading to cautious expectations for the next couple quarters.
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