Carl Bass, president and CEO of Autodesk has admitted they are feeling the pinch of the global financial crisis, as demand for products fell throughout October.
“The sharp downturn of the global economy is substantially impacting our business. Demand for our products fell dramatically in October in all geographies as the financial crisis worsened,” said Bass, blaming the downturn in the global economy for customers delaying projects.
Profits for the financial quarter ending in October were in the range of $604 million to $607 million, having previously been forecasted in the region of $625 million to $635 million. As a result, forecasts for the next financial quarter have been greatly decreased.
“Our third quarter net income will include the benefit of some reductions to previous cost estimates. In addition we have begun to take actions to reduce our cost structure,” added Bass, without elaborating on what these would include.