Earnings: Intuit (INTU) Q4 profit drops but tops expectations; revenue down 6%

Financial technology company Intuit Inc. (NASDAQ: INTU) reported lower earnings and revenues for the fourth quarter of 2022. However, the results beat Wall Street’s estimates.

At $2.41 billion, fourth-quarter revenues were down 6% from the year-ago period but came in above experts’ projections. The top line was negatively impacted by weakness in the Consumer Group and ProConnect segments.

Adjusted earnings decreased to $1.10 per share in the latest quarter from $1.97 per share in the fourth quarter of 2021 but exceeded the forecast. On an unadjusted basis, it was a net loss of $56 million or $0.20 per share, compared to a profit of $380 million or $1.37 per share last year.

Check this space to read management/analysts’ comments on Intuit’s Q4 results

Intuit’s shares closed Tuesday’s regular session higher and continued the uptrend during the extended session soon after the earnings announcement.

Prior Performance