Autodesk shares drop more than 3% after disappointing guidance
Shares of Autodesk dropped 3.5 percent Wednesday after the company reported disappointing guidance.

The design software company said it expected a fiscal fourth quarter earnings loss of 32 to 39 cents a share, more than the 31 cent loss expected by analysts polled by Reuters. The firm also gave a quarterly revenue outlook of $460 million to $480 million, below the Reuters consensus estimate of $487 million.

Autodesk did report a smaller-than-expected loss in the third-quarter of 18 cents a share, ex-items, while revenue of $490 million beat estimates.

Company officials said that their third quarter was bolstered by new model subscription additions and successful cost-control measures.

"We experienced robust demand in the third quarter building on the momentum of a very strong second quarter," said Scott Herren, Autodesk Chief Financial Officer, in a press release.

Despite Wednesday's drop, Autodesk's stock is up more than 19 percent year-to-date.