Autodesk To Lay Off 10% Of Its Workforce

Autodesk Inc. said Wednesday it will terminate 925 employees, or about 10% of its workforce, as part of a corporate restructuring disclosed in a regulatory filing. The design software company said it expects to complete the job cuts by the end of January 2017. Restructuring charges are expected to be $85 million to $95 million, of which $77 million to $85 million would be for employee termination benefits. "The company is taking these actions to accelerate its move to the cloud and its transition to a subscription-based business model," the company stated in the filing. The company said it expects fiscal fourth-quarter adjusted earnings per share to be at the high end or exceed its previously-provided expected range of 8 cents to 12 cents, compared with the FactSet EPS consensus of 10 cents. The stock, which was still inactive in premarket trade, has tumbled 21% over the past three months, while the S&P 500 has lost 9.8%.