Autodesk stumbled this week, missing its earning expectations, cutting its full-year sales growth forecast, stocks taking a beating, and then laying off 520 employees, being 7% of their total staff.
It seems that the uber-techno-giant Autodesk is also feeling the recession-that-went-on-too-long-blues. Can you believe that Autodesk has got recession, too? Particularly considering their low-cost pricing and generous customer friendly yearly update business model (insert sarcasm here).
Side note: To all incumbent politicians, you've got a lot more work to do to fix this economy, so get to work, already.
Autodesk Lays Off 7% Of Entire Staff
Mashable - Many of the layoffs were handled on a one-by-one basis throughout the day, following the company's disappointing earnings report. “Our own execution challenges, combined with an uneven global economy, resulted in disappointing revenue results for the ... ›Read More
Autodesk Shares Seen Slipping to $30
Barron's - Restructuring aimed at protecting margin in near term; resources to be reallocated to mobile and cloud initiatives: Autodesk announced a charge of $50 million-$60 million resulting from layoffs of approximately 520 employees. Long-term fiscal 2015 operating ... ›Read More
Autodesk down 22% in after-hours trading on disastrous earnings
VentureBeat - Additionally, Autodesk cut its full-year sales growth forecast. On top of its prior layoffs, it plans to cut more staff to help deal with its financial woes. At the time of post's publication, Autodesk shares are trading at $27.80, down $7.91 (or 22.1 percent) from its ... ›Read More