Autodesk to cut 1,150 jobs amid restructuring

Software and 3D tools experts Autodesk plans to slash its headcount by 1,150 employees, which is 13% of its workforce.

Autodesk's technology and tools is used by the manufacturing, architecture and construction industries, along with video games companies. Its services have been used by many AAA studios, including EA DICE, Naughty Dog, Insomniac Games, Bungie and Eidos Montreal, amongst others.

The cuts are part of the firm's plans to move to a subscription service rather than charging upfront fees, eliminating the initial high cost for clients. The company's shares fell 10% on the announcement,

The cost of the job cuts could cost the firm up to $149m.

 "As we enter the growth phase of our model transition, we need to re-balance investments to focus on our strategic priorities," said CEO Andrew Anagnost. "This includes divesting from some areas and increasing our investment in others.  We're taking this restructuring action from a position of strength.  This is not a cost reduction activity as we maintain our commitment to keep total non-GAAP spend flat this year and next."

The firm reported a 5% growth in Q3 revenue to £515m, although it still reports a loss of $120m overall. It last announced layoffs in February 2016, when it cut 925 employees.