Intuit CEO Sasan Goodarzi speaks during opening night at the Intuit Dome on August 15, 2024 in Los Angeles.
Rodin Aikenroth | Movie Magic | Getty Images
Intuit Shares of the financial software maker fell 6% in after-hours trading on Thursday after the financial software maker issued a revenue forecast for the current quarter that fell short of analysts’ expectations due to delays in some sales.
Here’s how the company performed against the LSEG consensus:
- Earnings per share: Adjusted $2.50, expected $2.35
- income: $3.28 billion vs. $3.14 billion
Revenue rose 10% annually in the quarter ended Oct. 31, according to one company statement. Net income fell to $197 million, or 70 cents a share, from $241 million, or 85 cents a share, a year ago.
Although fiscal first-quarter results beat expectations, guidance for the fiscal second quarter was thin. Intuit said it expects a single-digit revenue decline in the consumer segment due to promotional changes for TurboTax desktop software in retail environments. While this will impact revenue timing, it will not have any impact on the full fiscal year 2025.
Intuit expects second-quarter earnings of $2.55 to $2.61 per share on revenue of $3.81 billion to $3.85 billion. LSEG’s consensus is for earnings of $3.20 per share and revenue of $3.87 billion.
Intuit expects full-year adjusted earnings per share of $19.16 to $19.36 on revenue of $18.16 billion to $18.35 billion. This implies revenue growth of between 12% and 13%. Analysts polled by London Stock Exchange Group (LSEG) expected adjusted earnings of $19.33 per share on revenue of $18.26 billion.
Global Business Solutions Group’s first-quarter revenue was $2.5 billion. According to StreetAccount, this figure increased by 9%, in line with expectations. The group, formerly known as the Small Business and Proprietary segment, includes Mailchimp, QuickBooks, small business financing and merchant payment processing.
“We see MailChimp making good progress in serving mid-market customers, but smaller customers are losing more,” Intuit finance chief Sandeep Aujla said on a conference call with analysts. High. “We are solving this problem by enhancing the product and driving discoverability and adoption of features to increase first-time adoption and customer retention. “
Better results will emerge in a few quarters, Ojira said.
CreditKarma’s revenue was $524 million, above StreetAccount’s forecast of $430 million.
Intuit shares were up about 9% so far in 2024 as of Thursday’s close, while the S&P 500 index was up nearly 25% during the same period.
Intuit Stock Tuesday down 5% U.S. President-elect Donald Trump’s proposed Department of Government Effectiveness has discussed developing a mobile app for federal income tax filing, The Washington Post reported. But Intuit CEO Sasan Goodarzi told CNBC’s Jon Fortt that a mobile app for filing reports is “available to all Americans.”
Gudazi said on CNBC that he is communicating personally with leaders of the incoming presidential administration.
watch: H&R Block and Intuit shares fall after Trump administration considers free tax filing app
