On Tuesday, Autodesk (ADSK) experienced a decline in its stock value following the revelation of an internal investigation into its accounting practices. Additionally, the company announced the postponement of the release of its annual financial report.
The manufacturer of computer-aided design and workflow software, Autodesk, disclosed that it has identified accounting discrepancies related to its “free cash flow and non-GAAP operating margin practices.” Consequently, Autodesk informed the U.S. Securities and Exchange Commission (SEC) that it will not be able to submit its 10-K for the fiscal year ending Jan. 31 within the expected timeframe. However, it anticipates filing the 10-K form within the 15-day extension period.
Autodesk clarified that these issues were brought to management’s attention subsequent to the company’s fiscal fourth-quarter earnings announcement on Feb. 29. Nevertheless, it currently maintains the belief that the ongoing investigation will not impact previously released financial statements or the information presented in the company’s latest earnings release.
Autodesk Stock Declines Amid Internal Probe
Autodesk is conducting an internal investigation with the support of external legal counsel and advisors.
Today on the stock market, Autodesk experienced a 4.1% decrease, closing at 248.71. In its fiscal Q4 report, Autodesk reported an adjusted earnings per share of $2.09, marking a 12% increase compared to the previous year. Additionally, sales grew by 11% to $1.47 billion. Analysts surveyed by FactSet had anticipated Autodesk to earn $1.95 per share on sales of $1.43 billion. It’s noteworthy that Autodesk stock is included in the IBD Tech Leaders list.
Credits: investors.com