Intuit Stock Soars on Q1 QuickBooks Online Subscription Surge

Intuit stock (NASDAQ:INTU) was gaining as the company unveiled its latest quarterly earnings results, which were stronger than analysts expected thanks to the continuous growth of QuickBooks Online, which saw an increase in its subscription figures.

Intuit StockThe business and financial software provider said that for its first quarter of fiscal 2019, it brought in a net loss of $10 million, or 13 cents per share, which was less than a third of the loss of $35 million it posted during the year-ago quarter. On an adjusted basis, the company brought in earnings of 29 cents per share.

Analysts were calling for Intuit to bring in adjusted earnings of 11 cents per share. The company also amassed revenue of $1 billion for the period, marking a 12% increase compared to the year-ago quarter and topping the $968.88 million in revenue that analysts were calling for.

The software maker attributed a large part of its success to the growth of QuickBooks Online, which saw its subscriber base increase by 41% to end the quarter with 3.6 million paid subscribers. Intuit’s QuickBooks Self-Employed software also saw its subscriber base increase to 745,000 users, while its consumer tax products gained 22%.

The company projects second-quarter earnings of 85 to 88 cents per share, ahead of the 77 cents per share that Wall Street expects. Revenue is slated to be $1.47 billion to $1.49 billion, ahead of the $1.45 billion guidance.

Intuit stock was sliding about 5.8% during regular trading hours Monday in anticipation of the company’s quarterly earnings results. Shares surged about 5% after hours following its results for the quarter, which were ahead of what analysts were calling for.

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