We finally have the Q2 2023 result of Autodesk, which confirms that the company has managed to beat all of the estimates. Wall Street had set an estimate of $1.73 EPS for Autodesk, while the actual EPS turned out to be $1.91.
Similarly, the Revenue on a YoY basis jumped by 9%, and if we look at the constant exchange rates, it becomes around 12%. In number terms, that's close to around $1.35 billion, which is higher than the forest of $1.32 billion. Just like that, the total billings of Autodesk also fell by 8% and reached $1.095 billion.
The current remaining performance obligations, also known as Autodesk's cRPO, were recorded to be near $3.5 billion, which is a growth of 12% YoY.
Autodesk Stellar Growth In Q2
After the results, the CFO of the company said that they successfully managed to sustain momentum during Q2. They also added that business agreements of an enterprise nature are also expected to be renewed in the next few months.
This will allow them to reduce the chances of the forecasted scenario becoming a reality. That's why the company (Autodesk) has decided to change the lower end of the estimated guidance ranges.
As for Q3 2024, the company believes that the EPS range should be from $1.97 to $2.03, while the market is expected to be close to $1.92. In addition, the revenue forecast set by Autodesk is $1.38 billion to $1.395 billion, while the market believes $1.38 billion is a more reasonable number.
And if we look at the full-year outlook of Autodesk, the expected EPS is within the range of $7.30 to $7.49. On the other hand, Wall Street has set an EPS of $7.28 for the whole year.
Overall, the forecast numbers set by Autodesk are higher than the ones set by the experts and the Wall Street gurus. This is an indication that Autodesk is more bullish about growth prospects than what the market believes!