Autodesk is releasing preliminary Q3 results early, and it doesn't look good, with CFO Carl Bass saying:
"The sharp downturn of the global economy is substantially impacting our business. Demand for our products fell dramatically in October in all geographies as the financial crisis worsened."
He's listing these problems affecting customers (and sales):
- Customers and partners unable to secure credit.
- Projects delayed.
- Considerable strengthening of the US dollar.
- Unusually low ending level of backlog.
The company expects Q3 revenues of $604-$607 million, down from last quarter's $620 million. Full details to come 20 Nov, and cost cutting to begin immediately.