Financial software firm Intuit late Thursday beat Wall Street's earnings target for its fiscal second quarter on in-line sales. But it guided below views for earnings in the current quarter. Intuit stock fell in extended trading.
The Mountain View, Calif.-based company earned an adjusted $2.63 a share on sales of $3.39 billion in the quarter ended Jan. 31. Analysts polled by FactSet had expected earnings of $2.30 a share on sales of $3.39 billion. On a year-over-year basis, Intuit earnings rose 20% while sales climbed 11%.
For the current quarter ending April 30, Intuit forecast adjusted earnings of $9.35 a share on sales of $6.63 billion. That's based on the midpoint of its guidance. Wall Street was looking for earnings of $9.70 a share on sales of $6.61 billion in the fiscal third quarter. In the same quarter last year, Intuit earned an adjusted $8.92 a share on sales of $6.02 billion.
Intuit left its guidance for the full fiscal year unchanged.
Intuit Stock Drops After Report
In after-hours trading on the stock market today, Intuit stock dropped 1.5% to 648.12. During the regular session Thursday, Intuit stock rose 3.1% to close at 657.92.
"We had another strong quarter as consumers and small businesses continue to rely on Intuit's platform to power their prosperity," Chief Executive Sasan Goodarzi said in a news release. "We have great momentum innovating across our products, and we're well on our way to becoming the trusted assistant that our customers use to fuel their financial success."
Intuit makes TurboTax tax-preparation software and QuickBooks small-business accounting software. It also offers Credit Karma and Mailchimp products.
On Nov. 14, Intuit stock broke out of a double-bottom base at a buy point of 550.12, according to IBD MarketSmith charts.
Intuit stock is on the IBD Tech Leaders list.
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