Autodesk plummets after job cuts are announced; Apple sends a solution


Pack your desks: Investors could not get rid of Autodesk stocks fast enough on Wednesday, as they shipped the shares of San Rafael-based design automation software company to nearly 16 percent percent to close at $ 109.34.

What led to the Autodesk recall was that the company said on Tuesday night that it would cut 1,150 jobs, or about 13 percent of its workforce of approximately 9,000 employees. Such job cuts can often be seen as a sign of problems in a company when it tries to refocus on new priorities.

Autodesk said in a statement that the job cuts were part of a restructuring of the company to focus more on software subscription and services based on which customers pay regular and recurring fees for their products. This type of movement has become common in the business software industry as many companies turn to cloud-based offerings to reduce costs for their customers and at the same time ensure a continuous flow of revenue.

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