Is there a week market for drawing software or something, does Visio's business parallel that of Autodesk's (down 5pts friday)?
"Autodesk cuts forecasts amid Asia concerns"
August 21, 1998 8:40pm
Reuters
PALO ALTO, Calif., Aug 21 (Reuters) - Design software maker Autodesk Inc. has cut its profit and revenue expectations for the second half of the year because of fresh signs of weakness in its Asian businesses, its treasurer told Reuters Friday.
Christine Tsingos said third-quarter revenues are expected to fall short of the second quarter's $186.6 million. For the fourth quarter, the company expects a "definite increase" over the third and second quarters, she said.
Although she declined to give specific forecasts, Tsingos said the company now thought revenues in the second half would come in $15 million to $20 million below its earlier estimates, amid signs of the persistent weakness in the Asian economy.
As a result, she said, earnings in the second half will probably come in 5 to 10 cents below its earlier forecast.
While some Asian markets, like Korea, had been weak for some time, Autodesk recently started seeing signs of softness in Japan as well.
Looking forward, she said, "I think, as a company, we believe the problem probably won't get any better in the next year."
Autodesk on Thursday agreed to acquire Montreal-based Discreet Logic <DSLGF.O>, a software company that makes products used for design and for creating special effects. he deal was valued at $530 million. |
