Intuit Revenue Rises 10%
24 February 2017 - 9:17AM
Dow Jones News
By Anne Steele
Intuit Inc., the maker of TurboTax and QuickBooks, reported a
10% rise in revenue in its latest quarter and issued an upbeat
sales outlook for the current quarter after a slow start to the tax
season.
Chief Executive Brad Smith said the company's small business
strategy is driving momentum for QuickBooks Online. Subscribers
there grew 49% during the quarter to 1.9 million.
He said the company is in the midst of another highly
competitive tax season, which got off to a slow start.
"Experience tells us that every tax season is different, but
there's one thing we know for certain about the tax business:
everyone needs to file by the April 18 deadline," he said.
Intuit earlier this month warned results were lower than
expected due to the tax season forming more slowly than usual.
However, the company said it expects consumer tax revenue to shift
to the third fiscal quarter and backed its full-year guidance.
Intuit typically collects the bulk of its earnings during tax
season and often posts losses in its off-tax-season quarters.
For the January quarter, Intuit earned $13 million, or 5 cents a
share, down from $24 million, or 9 cents a share, a year ago.
Earnings excluding items were 26 cents while revenue ticked up
to $1.02 billion from $923 million. The company had guided for
revenue of $1.01 billion to $1.02 billion and adjusted per-share
earnings of 24 cents to 25 cents.
For the current quarter, the company expects revenue in the
range of $2.5 billion to $2.55 billion with adjusted earnings
between $3.85 and $3.90 a share. Analysts surveyed by Thomson
Reuters forecast revenue of $2.44 billion and adjusted per-share
profit of $3.89.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
February 23, 2017 17:02 ET (22:02 GMT)
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