Intuit’s Earnings Top Wall Street Forecasts
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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