Autodesk, Inc. (NASDAQ: ADSK) shares rocketed after the company reported better-than-expected earnings for its fourth quarter.
The San Rafael, Calif-based reported subscription plan Accounting Rate of Return was $1.18 billion an increase of 106% compared to the fourth quarter last year as reported, and 105% on a constant currency basis.
Total ARR was $2.05 billion, an increase of 25% compared to the fourth quarter last year as reported, and on a constant currency basis.
Revenue was $554 million, an increase of 16% compared to the fourth quarter last year as reported, and on a constant currency basis. GAAP diluted net loss per share was $0.79, compared to GAAP diluted net loss per share of $0.78 in the fourth quarter last year.
According to CEO Andrew Anagnost, "We continue to execute well on our business model transition and are poised to further accelerate ARR growth next year.
"We were pleased to see a meaningful increase in total annualized revenue per subscription (ARPS) and a better than expected conversion rate with the maintenance to subscription program. Total subscription additions for the quarter were impacted by a greater than expected number of customers shifting from individual products to higher value Industry Collections resulting in ARR growth."
The shares moved skyward $17.03, or 14.2%, as the minutes wound down toward Wednesday’s closing bell, to $136.90, a new 52-week high, towering over a trough of $81.75, set March 7, 2017.