Design software firm Autodesk announced on Thursday via an 8K SEC filing that it will be cutting 1,000 jobs. The cuts represent 7% of the company’s total workforce. As a result of the cuts, Autodesk expects to absorb $135 million to $160 million in restructuring costs.
“Over the past few years, Autodesk has evolved its go-to-market strategy, streamlined customer engagement, and enhanced its sales channels to drive sustainable growth, while improving efficiency and driving operating margin growth,” read the filing.
“The implementation of this Plan will mark the culmination of Autodesk’s sales and marketing optimization program. Separately, the Plan also reallocates resources in certain other functions to accelerate Autodesk’s strategic priorities,”
In a letter addressed to the company, President and CEO Andrew Anagnost said the planned job cuts are part of a two-year strategy that involves an optimization in its sales and marketing model, a stronger focus and expansion for its AI and Cloud business, and a stronger and more organized corporate workforce.
At the time of writing, Autodesk shares were trading at $266.32, up by 3.45%, Autodesk was founded in 1982 in California by founders John Walker and Dan Drake