Stock market indexes were trading in positive territory on Friday after Federal Reserve Chairman Jerome Powell's speech, in which he said the U.S. economy will remain strong. The central bank is expected to increase interest rates in September.
Shares of Autodesk Inc. (ADSK, Financial) jumped more than 10% on Friday morning after the company posted second-quarter results on Thursday evening. The company recorded earnings per share of 19 cents on $612 million in revenue, growing 22% year over year. It beat earnings estimates by 3 cents and revenue expectations by $11.66 million.
The company's annualized recurring revenue from subscription plans increased 115% to $1.68 billion. Total ARR was $2.35 billion, up 28% from the prior-year quarter.
Revenue in the Americas grew 16% to $248 million. Revenue in Europe, the Middle East and Africa was $248 million, an increase of 25%. Revenue in Asia Pacific grew 31% to $116 million.
Looking ahead to the third quarter, the company expects revenue in the range of $635 million to $645 million and earnings per share between 24 cents and 28 cents.
Gainers
- Advanced Micro Devices Inc. (AMD, Financial)
- Freeport-McMoRan Inc. (FCX, Financial)
- Mylan NV (MYL, Financial)
- EOG Resources Inc. (EOG, Financial)
- Apache Corp. (APA, Financial)
Losers
- Gap Inc. (GPS, Financial)
- Foot Locker Inc. (FL, Financial)
- Philip Morris International Inc. (PM, Financial)
- HP Inc”‹. (HPQ, Financial)
- L Brands Inc. (LB, Financial)
Global markets
The main European stock market indexes were mixed. The U.K.'s FTSE 100 gained 0.19%, France's CAC 40 rose 0.24%, Germany's Dax swelled 0.23% and Spain's Ibex 35 advanced 0.23%.
In Asia, Japan's Nikkei 225 advanced 0.85%, India’s BSE Sensex fell 0.22%, Hong Kong's Hang Seng lost 0.43% and China's Shanghai Composite rose 0.18%.
Disclosure: The author holds no positions in any stocks mentioned.
