Autodesk's (NASDAQ: ADSK) stock tumbled 6% on Nov. 23 in response to its latest earnings report. For the third quarter of its fiscal 2023 (ended on Oct. 31), the software company's revenue rose 14% year over year to $1.28 billion and matched analysts' expectations. Its adjusted earnings increased 27% to $1.70 per share and also met the consensus forecast.

For the fourth quarter, Autodesk expects its revenue to rise 8% to 9% year over year and for its adjusted EPS to grow 18% to 22%. Wall Street had expected its revenue and adjusted EPS to rise 10% and 22%, respectively.

Autodesk's headline numbers weren't disastrous, but they failed to reverse the stock's decline of more than 30% over the past 12 months. Let's see why investors ditched Autodesk -- and if it they're likely to turn bullish again next year.

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Source Fool.com