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Intuit shares are flat despite beating on earnings and revenue in its fiscal third quarter

Proactive Investors Tuesday, 22 May 2018
Intuit Inc (NASDAQ:INTU) announced its fiscal third-quarter earnings after the bell Tuesday, beating analyst estimates on earnings and revenue. The tech company reported earnings of US$4.59 per share on revenue of US$2.93bn compared with US$3.70 EPS on revenue of US$2.54bn in the previous year’s third quarter. Adjusted earnings were US$4.82 per share. The California-based company beat Wall Street estimates of US$4.68 adjusted on revenue of US$2.86bn. “We achieved very strong results this quarter, with overall revenue growth of 15 percent, and double-digit growth in both the Consumer Group and the Small Business and Self-Employed Group," said CEO Brad Smith. Its accounting software QuickBooks saw subscribers rise 45% to 3.2 million users. TurboTax units grew by 4% and had nearly 5 million customers registered. For the fiscal fourth quarter, the chipmaker forecast lower-than-expected adjusted earnings between US$0.22 and US$0.24 per share on sales between US$940mln and US$960mln. Analysts were expecting fourth quarter adjusted earnings of US$0.29 on sales of US$891mln. In its full-year guidance, Intuit expects earnings between US$5.51 and US$5.53 on sales between US$5.92bn and US$5.94bn, surpassing consensus estimate of US$5.43 EPS on revenue of US$5.79bn. Shares of the software company were up less than a percent to US$190.80 in Tuesday after-hours trading.
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Source: Wochit Business - < > Embed
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