TurboTax Maker Intuit Narrowly Beats Lowered Sales, Earnings Targets

Financial software program agency Intuit (INTU) late Tuesday narrowly beat Wall Street’s lowered targets for its fiscal second quarter. The earnings report pushed Intuit inventory decrease in prolonged buying and selling.


The Mountain View, Calif.-based firm earned an adjusted 68 cents a share on gross sales of $1.58 billion within the quarter ended Jan. 31. Analysts anticipated Intuit earnings of 67 cents a share on gross sales of $1.57 billion, in keeping with S&P Global Market Intelligence. In the year-earlier interval, Intuit earnings have been an adjusted $1.16 a share on gross sales of $1.7 billion.

On Feb. 9, the TurboTax maker lowered its sales and earnings guidance for its fiscal second quarter to account for the later begin of this yr’s U.S. federal tax season. The IRS did not begin accepting and processing returns till Feb. 12, in contrast with Jan. 27 final yr, as a result of it wanted extra time for added programming and testing of its techniques.

In after-hours buying and selling on the stock market today, Intuit inventory dropped 2.8%, close to 388. During the common session, Intuit inventory fell 0.6% to 399.09 amid a tech inventory selloff.

Intuit makes TurboTax, QuickBooks, Credit Karma and Mint services and products.

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Follow Patrick Seitz on Twitter at @IBD_PSeitz for extra tales on client know-how, software program and semiconductor shares.


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