Intuit Earnings: Here’s Why the Stock is Up Now
Intuit Inc. (NASDAQ:INTU) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.45%.
Intuit Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 18.33% to $2.97 in the quarter versus EPS of $2.51 in the year-earlier quarter.
Revenue: Rose 11.98% to $2.18 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Intuit Inc. reported adjusted EPS income of $2.97 per share. By that measure, the company beat the mean analyst estimate of $2.93. It missed the average revenue estimate of $2.18 billion.
Quoting Management: “We continue to see strong progress delivering on our connected services strategy across our businesses in the third quarter,” said Brad Smith, Intuit’s president and chief executive officer. “TurboTax paid units increased 4 percent, and we expect TurboTax revenue growth of about 4 percent for the fiscal year. While it was a challenging tax season overall, we made progress in several key areas, growing new customers including first-time filers and former tax store customers, and significantly increasing mobile adoption. Activity is already well underway for next year, with an intense focus on product and customer experience.”
Key Stats (on next page)…