Shares of Autodesk Inc. fell after hours on Tuesday after the software maker’s third-quarter results failed to impress investors and the company trimmed its full-year billings outlook, citing a drop in demand for longer contracts. Chief Financial Officer Debbie Clifford, in a statement on Tuesday, said the forecast largely reflects “less demand for multi-year, up-front and more demand for annual contracts than we expected.”
Autodesk
ADSK,
+1.16%
— which makes design software for industries like construction, manufacturing and entertainment — said it expected billings of $5.57 billion to $5.67 billion for its full fiscal year, which ends Jan. 31. That’s a bit lower than the forecast executives gave in August for between $5.7 billion and $5.8 billion. Autodesk said it expected free cash flow of between $1.9 billion and $1.98 billion for the year. That’s down from prior expectations for a range between $2 billion and $2.08 billion. Executives said they expected adjusted earnings per share of between $6.56 and $6.62 for the full year. In August, they said they expected earnings of between $6.52 and $6.71 a share. The company’s full-year sales forecast on Tuesday stood at a range of $4.99 billion to roughly $5 billion, a bit lower than the forecast given in August. Shares slid 6.7% after hours on Tuesday. For the third quarte …