Tax and accounting software maker Intuit(INTU) late Tuesday trounced Wall Street's targets for its fiscal fourth quarter and guided higher for the year ahead. Intuit stock rose in extended trading.
The Mountain View, Calif.-based company earned an adjusted $1.97 a share on sales of $2.56 billion in the quarter ended July 31. Analysts expected Intuit earnings of $1.59 a share on sales of $2.31 billion, according to FactSet.
The company's revenue grew 41% year over year, helped by the acquisition of Credit Karma. Earnings per share climbed 9% from the same quarter last year.
"We had a very strong fourth quarter capping off an outstanding fiscal 2021," Chief Executive Sasan Goodarzi said in a news release.
Intuit Stock Rises On Earnings Report
In after-hours trading on the stock market today, Intuit stock rose 1.83%, near 564.16. During the regular session Tuesday, shares rose 0.3% to 554.02. Earlier in the day, Intuit stock notched a regular-session all-time high of 555.03.
For its fiscal first quarter ending Oct. 31, Intuit expects to earn an adjusted 97 cents a share on sales of $1.81 billion. That's based on the midpoint of its outlook. Wall Street had forecast Intuit earnings of $1.14 a share on sales of $1.78 billion.
For its full fiscal 2022, Intuit forecast adjusted earnings of $11.15 a share on sales of $11.13 billion, based on the midpoint of its guidance. That would translate to year-over-year growth of 14% in earnings and 15% in sales. Analysts had been expecting full-year earnings of $10.85 a share on sales of $10.95 billion.
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