Software giant Autodesk (NASDAQ:ADSK) continues to perform well despite industry-wide headwinds. The company reported solid Q2 results, outperforming on several important metrics. Autodesk notably increases revenue by 14.6% Y/Y to $913.1 million, beating expectations by $11.34 million. Despite macroeconomic headwinds, Autodesk is well-positioned moving forward.
Autodesk has performed incredibly well over the past few years. The pandemic will likely only accelerate trends that are favorable to Autodesk.
Source: YCharts
Cloud Adoption Is Ramping Up
The adoption of cloud-based technologies has been accelerating for years now. Autodesk is successfully capitalizing on this trend as a leader in cloud-based solutions. Autodesk has been investing in the cloud for years now, putting it in a far better position than its competitors. In fact, Autodesk launched the cloud-based forge initiative, which included a $100 million investment fund, back in 2015 in order to accelerate its cloud ecosystem.
Cloud solutions have become more important than ever as a result of the pandemic. Social distancing measures have made cloud collaboration tools particularly attractive especially in the workplace. Autodesk's cloud collaboration solution BIM 360 Design, for instance, has seen its usage almost double over the past year.
With major industries like manufacturing moving towards a more distributed network, cloud technologies will only grow demand moving forward. Autodesk already spent years investing in cloud technologies, putting the company in a great position to grow its customer base especially during the pandemic.
Autodesk's investments in cloud technologies are paying off, particularly during the pandemic.
Source: technexa
Digitization in AEC
Digitization in AEC (architecture, engineering, and construction) has started to accelerate in recent years. Given how much more powerful tools like computer-assisted design have become, it is not surprising to see the AEC industry continue to digitize.
Considering how much time and money is saved by using products like AutoCAD, organizations
