Shares of Autodesk and Rubrik fell in premarket trading Friday despite second-quarter results that topped consensus, highlighting how high expectations and forward guidance can overshadow strong current performance.
Autodesk reported adjusted EPS of $3.30, beating the $3.12 estimate, while revenue rose 16% year over year to $2.05 billion, above the $2.01 billion consensus. Subscription growth hit 17%, ahead of the Street's 14.5% estimate. However, the company's full-year fiscal 2027 adjusted EPS guidance midpoint of $12.56 missed the $12.60 consensus, and current remaining performance obligations growth slowed to 12% from 18% to 20% in recent quarters due to the removal of multi-year discounts. Free cash flow rose 24% to $561 million, and adjusted operating margin expanded 2 percentage points to 41%. Analysts at Guggenheim and UBS raised their price targets to $283 and $325 respectively, with Buy ratings, while Bank of America kept a Buy and $300 target, calling results mixed with conservatism into the second half.
Rubrik posted Q2 revenue of $427.3 million, up 38% year over year, and adjusted EPS of 20 cents versus a loss of 3 cents a year earlier. Subscription ARR grew 32.6% to $1.66 billion, beating guidance. The company raised full-year fiscal 2027 revenue guidance to $1.685 billion to $1.693 billion and now expects adjusted EPS of 47 to 53 cents. Yet RBRK dropped more than 8% premarket. BTIG's Gray Powell said the print "should have cleared expectations across all key targets," but elevated expectations after the stock's strong run and balance sheet concerns may have weighed on the reaction.
Neither company is a cryptocurrency-related business, and the earnings moves are primarily isolated to traditional equity markets. For digital asset markets, the impact is likely neutral.
