Financial software firm Intuit late Tuesday handily beat Wall Street's targets for its fiscal first quarter but missed estimates for the current quarter. However, Intuit reiterated its guidance for the full fiscal year. INTU stock rose in extended trading.
The Mountain View, Calif.-based company earned an adjusted $2.47 a share on sales of $2.98 billion in the quarter ended Oct. 31. Analysts polled by FactSet had expected earnings of $1.98 a share on sales of $2.88 billion. On a year-over-year basis, Intuit earnings jumped 49% while sales increased 15%.
For the current quarter ending Jan. 31, Intuit forecast adjusted earnings of $2.28 a share on sales of $3.38 billion. That's based on the midpoint of its guidance. Analysts had been modeling earnings of $2.57 a share on sales of $3.42 billion in the fiscal second quarter.
However, Intuit maintained its guidance for the full fiscal 2024. Based on the midpoint of its outlook, Intuit expects to earn an adjusted $16.32 a share on sales of $16 billion. Wall Street had been counting on earnings of $16.36 a share on sales of $16 billion.
Intuit Rises After Report
In after-hours trading on the stock market today, INTU stock climbed nearly 1% to 570. During the regular session Tuesday, INTU stock rose 0.7% to close at 565.07.
Intuit makes TurboTax tax-preparation software and QuickBooks small-business accounting software. It also offers Credit Karma and Mailchimp products.
"We had a very strong first quarter, starting our fiscal year with momentum," Chief Executive Sasan Goodarzi said in a news release. "With data and AI core to our strategy, we're accelerating innovation across our global financial technology platform to power the prosperity of consumers and small businesses."
In September, Intuit unveiled an artificial intelligence assistant for its product lineup called Intuit Assist.
INTU Stock Is A Recent Breakout
On Nov. 14, INTU stock broke out of a double-bottom base at a buy point of 550.12, according to IBD MarketSmith charts. As of Tuesday's close, it was trading in the 5% buy zone, based on IBD trading principles.
Intuit ranks eighth out of 41 stocks in IBD's Computer Software-Financial industry group, according to IBD Stock Checkup. INTU stock has an IBD Composite Rating of 97 out of 99.
Further, INTU stock is on the IBD Tech Leaders list.
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