Autodesk says it will cut 1,350 employees

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Autodesk says it will cut 1,350 employees

Andrew Anagnost, chief executive officer of Autodesk Inc., during a Bloomberg Television interview in London, ***, on April 25, 2023.

Chris Ratcliffe | Bloomberg | Getty Images

Design software maker Autodesk said Thursday that it will lay off 1,350 employees, which works out to 9% of its workforce.

The job cuts follow a series of large headcount reductions across the tech industry. In January, Meta said it would let go of 5% of its workers, and earlier this month Workday, which sells human resources and finance software,

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an 8.5% decrease. In November, chipmaker AMD said it would let go of 4% of its staff members.

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this week also announced cuts to its human relations and cloud divisions, CNBC reported.

“Our GTM model has evolved significantly from the transition to subscription and multi-year contracts billed annually to self-service enablement, the adoption of direct billing, and more,” CEO Andrew Anagnost wrote in a

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to employees. “These changes position us to better meet the evolving needs of our customers and channel partners. To fully benefit from these changes, we are beginning the transformation of our GTM organization to increase customer satisfaction and Autodesk’s productivity.”

The company is also conducting the layoffs to stay competitive in the current economy and protect the company’s leadership in cloud computing and artificial intelligence, Anagnost wrote.

San Francisco-based Autodesk will make facility reductions as well. But it will not close any offices, a spokesperson told CNBC in an email. It expects $135 million to $150 million in restructuring costs before taxes.

The company on Thursday also announced better-than-expected

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. The company delivered $2.29 in adjusted earnings per share on $1.64 billion in revenue, which was up 12% year over year. Analysts surveyed by LSEG had been looking for $2.14 per share and $1.63 billion in revenue.

For the fiscal first quarter, Autodesk called for $2.14 to $2.17 in adjusted earnings per share on $1.600 billion to $1.610 billion in revenue. Analysts polled by LSEG had expected $2.08 per share and $1.598 billion in revenue.

Management sees $9.34 to $9.67 in adjusted earnings per share for the 2026 fiscal year, with $6.895 billion to $6.965 billion in revenue. The LSEG consensus was $9.24 per share and $6.902 billion in revenue.

WATCH: The setup on key earnings this week: Salesforce, Autodesk and EOG Resources

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#Autodesk #cut #employees

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