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Intuit's Earnings Top Wall Street Forecasts
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Baystreet Staf - Friday, February 23, 2024 Intuit's Earnings Top Wall Street Forecasts Intuit (INTU) has reported better-than-expected financial results for what was the company's fiscal second quarter.
The business software company that makes popular products such as TurboTax, Credit Karma, and QuickBooks reported earnings per share of $2.63 U.S., which topped Wall Street forecasts of $2.30 U.S.
Revenue in the quarter totaled $3.40 billion U.S., up 11% from a year earlier, and in line with analyst estimates.
Sales in the company's small business and self-employed segment totaled $2.20 billion U.S., up 18% from a year ago.
The consumer segment generated revenue of $492 million U.S., down 5% year-over-year.
Credit Karma's revenue amounted to $375 million U.S., which was flat from a year ago, while the company's ProTax group earned sales of $274 million U.S., up 8%.
In terms of guidance, Intuit forecast revenue to rise 11% and its profit to come in at $9.31 U.S. to $9.38 U.S. per share in the current quarter, which includes tax season and is when the company generates about 40% of its annual revenue.
The guidance fell short of analyst expectations for $9.70 U.S. per share in profits, sending Intuit's stock down about 1%.
Before today (Feb. 23), Intuit's stock had gained 60% over the last 12 months and was trading at $657.92 U.S. per share.
The business software company that makes popular products such as TurboTax, Credit Karma, and QuickBooks reported earnings per share of $2.63 U.S., which topped Wall Street forecasts of $2.30 U.S.
Revenue in the quarter totaled $3.40 billion U.S., up 11% from a year earlier, and in line with analyst estimates.
Sales in the company's small business and self-employed segment totaled $2.20 billion U.S., up 18% from a year ago.
The consumer segment generated revenue of $492 million U.S., down 5% year-over-year.
Credit Karma's revenue amounted to $375 million U.S., which was flat from a year ago, while the company's ProTax group earned sales of $274 million U.S., up 8%.
In terms of guidance, Intuit forecast revenue to rise 11% and its profit to come in at $9.31 U.S. to $9.38 U.S. per share in the current quarter, which includes tax season and is when the company generates about 40% of its annual revenue.
The guidance fell short of analyst expectations for $9.70 U.S. per share in profits, sending Intuit's stock down about 1%.
Before today (Feb. 23), Intuit's stock had gained 60% over the last 12 months and was trading at $657.92 U.S. per share.
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