Intuit CEO Sasan Goodarzi speaks at the opening night of the Intuit Dome on August 15, 2024 in Los Angeles.
Rodin Eckenroth | Movie Magic | Getty Images
Intuit Shares fell 6% in extended trade Thursday after the finance software maker issued a revenue forecast for the current quarter that beat analysts’ estimates due to some sales delays.
How did the company perform against the LSEG consensus?
- Earnings per share: $2.50 adjusted vs. 2.35 expected
- Income: $3.28 billion vs. 3.14 billion
Revenue rose 10 percent year-on-year in the quarter ended Oct. 31, according to one statement. Net income fell to $197 million, or 70 cents a share, from $241 million, or 85 cents a share, a year earlier.
While the fiscal first quarter results topped estimates, guidance for the second quarter was subdued. Intuit said it expects a single-digit decline in consumer segment revenue due to promotional changes. While this will affect the timing of revenues, it will not have an impact on the entire 2025 fiscal year.
Intuit called for second-quarter earnings of $2.55 to $2.61 per share, on revenue of $3.81 billion to $3.85 billion. The consensus from LSEG was $3.20 per share and $3.87 billion in revenue.
For the full year, Intuit expects adjusted earnings of $19.16 to $19.36 per share on revenue of $18.16 billion to $18.35 billion. This means an increase in revenue of between 12% and 13%. Analysts polled by LSEG were looking for $19.33 in adjusted earnings per share and $18.26 billion in revenue.
Global Business Solutions Group revenues hit $2.5 billion in the first quarter. According to StreetAccount, the figure was up to 9% and in line with estimates. Formerly known as the Small Business and Self-Employed segment, the group includes Mailchimp, QuickBooks, small business financing and merchant payment processing.
CreditKarma’s revenue came in at $524 million, beating StreetAccount’s consensus of $430 million.
As of Thursday’s close, Intuit shares are up about 9% so far in 2024, while the S&P 500 is up about 25% over the same period.
Executives will discuss the results with analysts on a conference call beginning at 4:30 pm ET.
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