CAD software maker Autodesk forecast disappoints

Autodesk Inc, the maker of computer-aided design (CAD) software, cut its full-year profit and revenue forecast for the second time this year, sending its shares down 7 percent.

Autodesk also reported lower-than-expected quarterly revenue as its licensing revenue declined because of the company’s shift to a cloud-based subscription model.

The company forecast an adjusted profit of 60-72 cents per share for the year ending Jan. 31, well below the average analyst forecast of $1.04.

Autodesk, whose rivals include Adobe Systems Inc, Ansys Inc and Dassault Systemes SA, said it expects revenue of $2.47 billion-$2.50 billion for the year.