Financial software firm Intuit late Thursday beat Wall Street's targets for its fiscal third quarter but offered mixed guidance for the current period. Intuit stock fell in extended trading.
The Mountain View, Calif.-based company earned an adjusted $9.88 a share on sales of $6.74 billion in the quarter ended April 30. Analysts polled by FactSet had expected earnings of $9.38 a share on sales of $6.65 billion. On a year-over-year basis, Intuit earnings rose 11% while sales increased 12%.
For the current quarter ending July 31, Intuit predicted adjusted earnings of $1.83 a share on sales of $3.08 billion. That's based on the midpoint of its outlook. Wall Street had been modeling earnings of $1.92 a share on sales of $3.05 billion for the fiscal fourth quarter. In the year-earlier period, Intuit earned an adjusted $1.65 a share on sales of $2.71 billion.
Intuit offers tax preparation software and other tools for individuals and small businesses to manage finances. Its products include TurboTax, QuickBooks, Credit Karma and Mailchimp.
Intuit Stock Falls After Report
In after-hours trading on the stock market today, Intuit stock slid more than 4% to 633.94. During the regular session Thursday, Intuit stock retreated 1.2% to close at 662.26.
Intuit stock has been flirting with a buy point of 671.01 out of a flat base for the past four trading sessions, according to IBD MarketSurge charts.
In a news release, Chief Executive Sasan Goodarzi highlighted the company's focus on infusing its products with artificial intelligence to help customers.
"The era of AI is one of the most significant technology shifts in our lifetime and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company," Goodarzi said.
Meanwhile, Intuit stock is on the IBD Tech Leaders list.
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