By Kimberly Chin
Autodesk Inc. said profit rose in the third quarter as sales climbed 13% due to strong demand for cloud-based offerings as the Covid-19 pandemic continued to spur remote working.
The software services company's net profit was $132.2 million, or 59 cents a share, up from $66.7 million, or 30 cents a share, a year earlier. Adjusted earnings were $1.04 a share. Analysts polled by FactSet expected an adjusted profit of 96 cents a share.
Revenue rose to $952.4 million from $842.7 million a year ago. Analysts were looking for $943.3 million.
Operating expenses increased 7.4% from a year earlier to $700.7 million while costs rose 5.3% to $83.7 million.
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(END) Dow Jones Newswires
November 24, 2020 16:30 ET (21:30 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.