Intuit Sees Sales Rise on Increased Quickbook Subscribers
November 17 2016 - 7:10PM
Dow Jones News
Intuit Inc., the maker of TurboTax and QuickBooks, posted a 9.1%
increase in revenue for its fiscal first quarter, while issuing
guidance for the current period that was more optimistic about
sales than Wall Street estimates.
The company said its QuickBooks Online subscribers rose 41% to
1.6 million.
For the current quarter, the company expects revenue in the
range of $1.05 billion to $1.07 billion with adjusted earnings
between 33 cents and 36 cents a share. Analysts surveyed by Thomson
Reuters forecast revenue of $997.8 million and adjusted per-share
profit of 34 cents.
Intuit shares, which rose 17.8% over the past 12 months, fell
0.5% to $113.20 in after-hours trading.
The company typically collects the bulk of its earnings during
tax season and often posts losses in its off-tax-season
quarters.
For the quarter ended Oct. 31, Intuit posted a loss of $30
million, or 12 cents a share, compared with a year-ago loss of $31
million, or 11 cents a share. Earnings excluding items were 6 cents
a share down from 9 cents a year ago.
Revenue rose to $778 million from $713 million.
Intuit projected earnings excluding items of 1 cent to 3 cents a
share on revenue of $740 million to $760 million for the latest
quarter. Analysts polled by Thomson Reuters projected 3 cents and
$756.1 million.
Under a plan announced in 2015, Intuit sold marketing and
communications software business Demandforce, collaboration
platform QuickBase and personal-finance software brand Quicken
earlier this year.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
November 17, 2016 18:55 ET (23:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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