(Reuters) - Autodesk Inc (NASDAQ:ADSK), the maker of computer-aided design (CAD) software, cut its full-year profit and revenue forecast for the second time this year, sending its shares down 7 percent.
Autodesk also reported lower-than-expected quarterly revenue as its licensing revenue declined because of the company's shift to a cloud-based subscription model.
The company forecast an adjusted profit of 60-72 cents per share for the year ending Jan. 31, well below the average analyst forecast of $1.04.
Autodesk, whose rivals include Adobe Systems (NASDAQ:ADBE) Inc, Ansys Inc and Dassault Systemes SA, said it expects revenue of $2.47 billion-$2.50 billion for the year.
In May, the company forecast 2016 revenue growth of 2-4 percent, compared with fiscal 2015, implying revenue of $2.56 billion to $2.61 billion.
Analysts on average were expecting revenue of $2.59 billion, according to Thomson Reuters I/B/E/S.
"We've updated our revenue outlook based on a greater-than-expected portion of our sales shifting from perpetual licenses to new subscription types," Chief Executive Carl Bass said during a conference call.
Subscriptions bring in less money upfront as payment is spread over the entire period of use unlike traditional packaged software, but typically ensure more predictable recurring revenue.
However, the company maintained its full-year forecast for billing growth and net subscription additions.
The company's licensing and subscription revenue, which accounts for nearly half of its total revenue, fell 17 percent in the second quarter ended July 31, from a year earlier.
Autodesk is known for its AutoCAD software used by construction companies, engineers and manufacturers to design products and simulate real-world performance.
The company also said it would acquire SeeControl, a developer of an enterprise Internet of Things cloud service platform. Terms of the transaction were not disclosed.
Autodesk does not expect the transaction to have an impact on the guidance issued on Thursday.
The company reported a net loss of $235.5 million, or $1.04 per share, for the second quarter, compared with a profit of $31.3 million, or 13 cents per share, a year earlier.
Excluding items, the company earned 19 cents per share, 2 cents above analysts' average estimate.
Revenue fell 4.3 percent to $609.5 million, missing the average analyst estimate of $612.4 million.
Shares of Autodesk were down at $47.24 in after-market trading after closing at $50.00 on the Nasdaq.
Up to Thursday's close, the company's shares had fallen 16.7 percent this year.