Intuit stock rises after tax-season earnings top Street estimate, improved outlook

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An earlier version of this article misinterpreted the company’s explanation of fourth-quarter guidance. It has been fixed.

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Shares of Intuit Inc. rose in an extended session on Tuesday after the accounting-software company reported tax-season results that topped Wall Street’s expectations and increased its guidance for the year.

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Intuit Intu,
-3.34%
Shares were up 3% after hours, closing at $358.97 after falling 3.3% in the regular session.

The company reported net income of $1.79 billion, or $6.28 per share, in the fiscal third quarter, compared to $1.46 billion, or $5.30 per share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $7.65 per share, compared to $6.07 per share in the year-ago period.

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Revenue rose to $5.63 billion from $4.17 billion in the year-ago quarter.

Analysts polled by FactSet had forecast $7.54 per share on revenue of $5.51 billion for the fiscal third quarter.

“We are confident in our strategy and execution across the company as we become a global AI-powered expert platform empowering the prosperity of consumers and small businesses,” Intuit Chief Executive Officer Sasan Gudarji said in a statement. “We had another strong quarter, and we are raising Intuit’s revenue and operating-income guidance for fiscal year 2022.”

Intuit forecast fourth-quarter earnings of 94 cents to $1 per share, a decline of nearly 9% to 8% in revenue from $2.56 billion, or $2.33 billion, last year. Analysts polled by FactSet had forecast $1 per share on revenue of $2.11 billion for the fourth quarter.
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For the year, Intuit now expects earnings of $11.68 to $11.74 per share on revenue of $12.63 billion to $12.67 billion. Analysts expect $11.66 per share on revenue of $12.32 billion for the year.

Previously, Intuit had forecast earnings of $11.48 to $11.64 per share on revenue of $12.17 billion to $12.3 billion.

Credit: www.marketwatch.com /

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