Intuit slumps as tax-software leader's result miss expectations
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Intuit (NASDAQ:INTU) shares fell by more than 5% in after-hours trading, Thursday, as the maker of TurboTax and other accounting software reported fiscal second-quarter results that fell short of Wall Street's expectations.
Following the market close, Intuit (INTU) said that for the quarter ending January 31 it earned $1.55 a share, excluding one time items, on sales of $2.67 billion, while analysts had forecast the company to earn $1.85 a share, on sales of $2.73 billion.
During the same period a year ago, Intuit earned 68 cents a share, on $1.58 billion in revenue.
Intuit (INTU) said its results were boosted by the addition of Mailchimp and full quarter of revenue from CreditKarma.
For its third quarter, Intuit (INTU) estimates it will earn between $7.51 and $7.57 a share, with revenue growing between 32% and 33% from the $4.2 billion it reported a year ago. The company's current quarter is typically its biggest for earnings and sales as it includes the annual income tax reporting season.
Despite its after-hours losses, Intuit (INTU) shares finished the regular trading session on the upswing due to a late rally across the tech sector.