Autodesk cuts 1,150 jobs | Fortune

Software maker Autodesk plans to cut 1,150 jobs, or 13% of its workforce, by shifting its focus to selling its products by subscription rather than charging them in advance.

The company shares (adsk) fell 10.4% after trading hours on Tuesday to $ 116.10 after the announcement.

"Through restructuring, Autodesk seeks to streamline the organization and rebalance resources to better align with the company's priorities," Autodesk said in a statement. [19659002] Autodesk software, like its three-dimensional images, AutoCAD is widely used by architecture, construction and manufacturing companies. The plan is to have customers pay monthly subscription fees for the software, eliminating part of the initial cost.

Autodesk, based out of San Francisco, said job cuts would cost between $ 135 million and $ 149 million.

Additionally In announcing the layoffs on Tuesday, the company reported a 5% growth in third-quarter revenue to $ 515 million. Losses were reduced to $ 119.8 million from $ 142.8 million.

Obtain the data sheet, the Fortune technology newsletter.

The cuts revealed on Tuesday follow a previous layoff, announced in February 2016. Those cuts impacted 925 workers, or 10% of the workforce in general.

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