Intuit shares fell Friday after the financial software firm missed Wall Street's estimates for its fiscal second quarter amid a slow start to the U.S. tax-filing season. Intuit stock slipped 2% on the news.
The Mountain View, Calif.-based company late Thursday said it earned an adjusted $1.55 a share on sales of $2.67 billion in the quarter ended Jan. 31. Wall Street had expected Intuit earnings of $1.85 a share on sales of $2.73 billion, according to FactSet. On a year-over-year basis, Intuit earnings jumped 128% while sales rose 70%. Excluding its acquisitions of Credit Karma and Mailchimp, Intuit's sales grew 39% in the period.
However, it guided higher than views for the current quarter. Intuit forecast adjusted earnings of $7.54 a share on sales of $5.52 billion in its fiscal third quarter, which ends April 30. That's based on the midpoint of its outlook. Wall Street had predicted earnings of $7.16 a share on sales of $5.2 billion.
Intuit also reiterated its guidance for its full fiscal 2022.
Intuit Stock Falls After Report
On the stock market today, Intuit stock dropped 2% to close at 487.18. During the regular session Thursday, Intuit stock rose 6.5% to 497.13.
"We see continued strong momentum across the company as we focus on our mission to power prosperity and solve our customers' biggest financial problems," Chief Executive Sasan Goodarzi said in a news release.
Intuit makes TurboTax tax preparation software as well as QuickBooks, Mint, Credit Karma and Mailchimp products.
Intuit stock is in the IBD Long-Term Leaders Portfolio.
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