Autodesk Inc. (NASDAQ: ADSK) announced that they will cut about 1,150 jobs equaling to approximately 13% of their workforce while consolidating some leased offices. This marks the second major workforce reduction in less than two years following a removal of 10% of their staff back in February 2016. 925 employees were laid off as a result.
However, Autodesk reported decent third quarter results with a net loss of only 12 cents a share compared to 18 cents last year. Annualized recurring revenue totaled to $1.9 billion which was up 24% over the previous year.
Recently, Autodesk has been moving from license sales to an online subscription model for their software that is used in engineering, product design, architecture, and entertainment media. The company aims to rebalance their investments in order to focus on strategic priorities.
Stock fell almost 11% following the layoff announcement from their closing price of $129.95. The company employs about 9,000 workers worldwide with 2,000 that work at the San Rafael headquarters in California.