Ahead of the Bell: Autodesk shares climb

NEW YORK (AP) — Shares of Autodesk Inc. climbed Friday in premarket trading after the software maker reported a less severe decline in second-quarter earnings than expected.

The San Rafael, Calif. company, which makes engineering and design programs, posted an adjusted profit of 24 cents per share, excluding items. On that basis, analysts were expecting 19 cents, according to a Thomson Reuters survey.

Sales dropped 33 percent to $415 million, compared with the average analyst projection of $413.7 million.

Signs of stabilizing sales coincided with deeper-than-anticipated cost cutting, Jefferies&Co. analyst Ross MacMillan told clients in a note. Despite year-over-year declines, MacMillan said second-quarter results offered "an encouraging first step with some segments past bottom."

He reiterated a "Buy" rating on the shares.

The stock gained $1.01, or 4.2 percent, to $25.21 ahead of regular trading.