Autodesk restructuring, 925 lay offs planned
"So we can focus resources on areas that will accelerate the move to the cloud"
Autodesk, the home of software tools like Maya, Mudbox and the Stingray engine, has announced a round of restructuring that will include staff cuts of 925 employees.
"As we progress through our business model transition, we continue to take a comprehensive look at our company to see where we can be more effective and efficient. To realize maximum value for both our customers and shareholders, and as a follow-on to previously discussed cost reduction actions, we are restructuring so we can focus resources on areas that will accelerate the move to the cloud and transition to a subscription-based business," said CEO Carl Bass.
The 925 employees represent 10 per cent of current staff and the move is expected to show cost benefits in fiscal 2017.
"To be clear, the restructuring announced today is not related to anything we are seeing in the macro-economic environment. We ended fiscal 2016 on a high note with very strong fourth-quarter billings growth and continued demand for our subscription offerings. Solid revenues, coupled with continued cost-controls, led to better than expected non-GAAP EPS during the quarter. I'm pleased we were able to deliver these results at such a critical moment in Autodesk's transition."