Autodesk has raised its guidance for Q4, driven by the strength of its subscriptions and growing interest in its cloud and artificial intelligence solutions. The announcement, accompanied by quarterly results that beat expectations, sent the share up more than 7% when Wall Street opened. For the current quarter, the software publisher is targeting revenue of $1.90bn and $1.92bn, above the $1.86bn expected, with adjusted EPS of $2.59 to $2.67, compared with the $2.53 forecast.
Growth is driven by demand in data center construction, infrastructure and industrial buildings. Use of tools such as AutoCAD is rising in architecture and engineering, supported by a cloud-based subscription model that secures recurring revenue. Autodesk now expects annual billings of between $7.47bn and $7.53bn, up from its previous range.
The group is continuing to integrate AI into its products, with initiatives such as Project Bernini, which can generate detailed 3D objects from complex data. This increasing automation is winning over companies and boosting project efficiency. In the third quarter ended late October, Autodesk reported revenue of $1.85bn and EPS of $2.67, once again beating market estimates.
