Intuit Posts a Revenue Increase as It Swings to a Loss -- Earnings Review
February 22 2018 - 5:20PM
Dow Jones News
By Aisha Al-Muslim
Intuit Inc. (INTU) reported its second-quarter results after the
close of trading Thursday. Here is what you need to know.
PROFIT: The tax-preparation software company, whose products
include TurboTax, reported a net loss of $21 million, or 8 cents a
share--a decrease from net income of $13 million, or 5 cents a
share, in the same quarter a year earlier. Adjusted earnings were
35 cents a share, beating the 34 cents a share analysts polled by
Thomson Reuters were looking for.
OPERATING INCOME: Operating income fell 9% to $20 million.
REVENUE: Revenue rose 15% to $1.17 billion, but ahead of the
consensus forecast of $1.16 billion.
Earlier this month, the company tempered its revenue outlook for
the quarter to a range between $1.16 billion and $1.165 billion
from $1.16 billion to $1.18 billion because the tax season opened
later this year, causing some tax revenue to shift into the third
quarter.
GUIDANCE: For the third quarter, the company forecasts revenue
of $2.785 billion to $2.835 billion, growth of 10% to 12%, and
adjusted per-share earnings of $4.57 to $4.62. For the full fiscal
year 2018, the company affirmed its revenue outlook of $5.64
billion to $5.74 billion, and adjusted per-share earnings of $5.30
and $5.40, compared with $3.72 in 2017. Analysts have modeled
per-share earnings of $5.33.
STOCK MOVE: The stock has fallen 4% to $165.20 in after-hours
trading Thursday. Shares are up 44% in the last year.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
February 22, 2018 17:05 ET (22:05 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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