Annualized recurring revenue for the software giant rises 24 percent over last year to $1.9 billion.
Software powerhouse Autodesk announced Wednesday a reorganization of the company that will include cutting an estimated 1,150 jobs -- about 13 percent of the company’s workforce.
The company declined to say which jobs would be cut and had no comment beyond its third-quarter earnings report, where the restructuring was announced.
The company’s annualized recurring revenue for the third quarter was up 24 percent over the same quarter last year, totaling a reported $1.9 billion. But the company says it needs to restructure as it continued its shift from selling its software -- which includes animation workhorse Maya and modeling and rendering solution 3ds Max -- on a licensed basis to a subscription model.
Prior to the start of that shift, about a year ago, the studio had laid off 925 employees in February 2016 -- about 10 percent of its staff.
Founded in 1982, the company has about 9,000 employees worldwide with more than 100 offices in 38 countries.