Layoffs Looming at Audodesk

Design software maker Autodesk (NASDAQ:ADSK) said Thursday that it will lay off 1,350 employees, which works out to 9% of its workforce.The job cuts follow a series of large headcount reductions across the tech industry.In January, Meta (NASDAQ:META) said it would let go of 5% of its workers, and earlier this month Workday (NASDAQ:WDAY), which sells human resources and finance software, announced an 8.5% decrease. Google this week also announced cuts to its human relations and cloud divisions, and PC maker HP (NYSE:HPQ) said in a Thursday regulatory filing that it would reduce its headcount by 1,000 or 2,000, representing under 4% of total headcount.“Our GTM model has evolved significantly from the transition to subscription and multi-year contracts billed annually to self-service enablement, the adoption of direct billing, and more,” Autodesk CEO Andrew Anagnost wrote in a memo to employees. The company is also conducting the layoffs to stay competitive in the current economy and protect the company’s leadership in cloud computing and artificial intelligence, Anagnost wrote.San Francisco-based Autodesk will make facility reductions as well. But it will not close any offices,. It expects $135 million to $150 million in restructuring costs before taxes.The company on Thursday also announced better-than-expected fiscal fourth-quarter results. The company delivered $2.29 in adjusted earnings per share on $1.64 billion in revenue, which was up 12% year over year. Analysts surveyed by LSEG had been looking for $2.14 per share and $1.63 billion in revenue.ADSK shares fell $9.68, or 3.4%, to $272.66.