Intuit's stock is down slightly despite a revenue and earnings beat

By Jon Swartz

Intuit Inc.'s stock initially dipped 3% in extended trading Thursday after the software company reported quarterly results that topped analyst estimates but offered mixed outlook.

Intuit (INTU)racked up fiscal fourth-quarter net income of $89 million, or 32 cents a share, compared with a net loss of $56 million, or 20 cents a share, in the year-ago quarter. Adjusted earnings were $1.66 a share.

Revenue jumped 12% to $2.71 billion from $2.4 billion a year ago.

Analysts surveyed by FactSet had expected, on average, net earnings of $1.43 a share on revenue of $2.64 billion.

The company predicted fiscal first-quarter adjusted earnings of $1.97 a share on sales of $2.88 billion. Wall Street is modeling for earnings of $2.01 a share on sales of $2.88 billion in the quarter.

"What we do is mission critical for small businesses (55% of total revenue) and consumers (45%). And we are positioned well for AI adoption. We're entering an era where you will have a business assistant by your side," Intuit Chief Executive Sasan Goodarzi said in a statement announcing the results.

Shares of Intuit have surged 28% this year, while the S&P 500 SPX has gone up 14%.

-Jon Swartz

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08-25-23 0835ET

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