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Intuit Earnings: INTU Stock Dips Despite Q1 Earnings Beat

Intuit (NASDAQ:INTU) earnings for the financial software company’s fiscal first quarter of 2020 have INTU stock down after markets closed on Thursday. This shift in the stock follows the company’s adjusted EPS of 41 cents and revenue of $1.17 billion. For comparison, Wall Street was expecting 25 cents and $1.12 billion for the quarter.

Intuit Earnings: INTU Stock Dips Despite Q1 Earnings Beat

Source: dennizn / Shutterstock.com

Now let’s take a more in-depth look at the current Intuit earnings report.

  • Adjusted per-share earnings for the quarter are up 41.38% from 29 cents in the same period of the year prior.
  • Revenue is sitting 14.71% higher than the $1.02 billion reported in fiscal Q1 2019.
  • INTU reported operating income during the quarter compared to an operating loss in the fiscal first quarter of 2019.
  • The Intuit earnings report also has net income coming in at $57 million.
  • This is a 67.65% increase from the company’s net income of $34 million reported during the same time last year.

Sasan Goodarzi, CEO of Intuit, has this to say about the most recent INTU stock earnings.

“This was a strong quarter across the company. We continue to make progress on our strategy of becoming an A.I.-driven expert platform. Small Business Online Ecosystem revenue grew 35 percent, exceeding our target to grow 30 percent or more.”

Despite the strong results, the Intuit earnings report includes a poor outlook for its fiscal second quarter of 2020. That includes adjusted earnings per share ranging from $1.00 to $1.03. This is below Wall Street’s estimate of $1.15 for the period.

INTU stock was down slightly in after-hours trading on Thursday. The stock closed out the day down almost 1%. However, it’s up 40.63% since the start of the year.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/11/intuit-earnings-bring-intu-stock-down/.

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