SAN RAFAEL -- Design and media-production software developer Autodesk Inc. (Nasdaq: ADSK) on Wednesday reported second-quarter and half-year revenue both increased 14 percent from the year before and net income for both periods increased by nearly fivefold.
Revenue in the second quarter, which ended July 31, was $472.8 million, basically unchanged from that of the first quarter. In June the company expected second-quarter revenue to be $445 million to $460 million.
Also in June the company set a target long-term business model of 12 percent to 14 percent compound annual revenue growth over the next five years.
Net income for the quarter was $59.9 million, compared with $10.5 million from a year prior. Half-year net income was 96.8 million, much improved from the $21.7 million loss in the first half of 2009.
“Our focus on growing our revenue base while controlling costs resulted in better than expected revenue and profitability in the second quarter," said Carl Bass, president and CEO. “Although the pace of the global recovery is varied by country, we are pleased that we achieved revenue growth in all of our major geographies. We experienced strong year-over-year growth in many key areas including operating margin, revenue from commercial new licenses, and cash flow from operations. Our results reflect the traction that we are gaining in both new and existing accounts.”
Autodesk cut its cost of revenue by 3.3 percent in the second quarter and by 2.6 percent in the first half. Operating expenses were trimmed by 4.8 percent and 5 percent in the same periods.
The company expects third-quarter revenue to be $450 million to $475 million and standard earnings per diluted share of 18 to 23 cents.
Autodesk's stock price was $27.45 per share at the close of trading Wednesday, an increase of 47 cents per share, or 1.68 percent, from Tuesday's closing price. The price increased $1.14 a share to $28.59 in after-hours trading.