Categories Earnings, Technology

Intuit’s (INTU) Q2 results beat expectations

Intuit Inc. (NASDAQ: INTU) reported better-than-expected revenue and earnings for the second quarter of 2020, sending the stock climbing 2.3% in aftermarket hours on Monday.

Total revenue of $1.7 billion was up 13% year-over-year and ahead of estimates of $1.68 billion. The topline results were driven by a 17% increase in Small Business and Self-Employed Group and an 8% increase in Consumer Group.

Intuit beats Q2 2020 revenue and earnings estimates

GAAP net income was $240 million, or $0.91 per share, compared to $189 million, or $0.72 per share, in the prior-year period. Adjusted EPS rose 16% to $1.16, beating forecasts of $1.03 per share.  

During the quarter, Small Business Online Ecosystem revenue grew by 35%. Strong customer growth, coupled with higher prices and mix-shift, drove a 43% increase in QuickBooks online accounting revenue. Online Services revenues increased 23%, aided by QuickBooks Online payroll and QuickBooks Online payments.    

For the third quarter of 2020, Intuit expects revenue to grow 10-11%. The company expects GAAP EPS of $5.53 to $5.58, and adjusted EPS of $5.90 to $5.95.

Also read: GW Pharmaceuticals Q4 2019 Earnings Preview

For full-year 2020, revenue is expected to grow 10-11% to a range of $7.44 billion to $7.54 billion. GAAP EPS is estimated to grow 8-10% to $6.35 to $6.45 and adjusted EPS is projected to increase 11-13% to $7.50 to $7.60.

The Board approved a quarterly dividend of $0.53 per share, payable April 20, 2020, representing a 13% increase compared to the year-ago period.  

Intuit announced its agreement to acquire personal finance platform Credit Karma for approx. $7.1 billion in cash and stock. The deal, which is anticipated to close in the second half of calendar year 2020, is expected to be neutral to accretive to adjusted EPS in the first full fiscal year after closure. 

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

JetBlue Airways (JBLU) Q4 2022 Earnings: Key financials and quarterly highlights

JetBlue Airways Corporation (NASDAQ: JBLU) reported fourth quarter 2022 earnings results today. Total operating revenues increased 32% year-over-year to $2.4 billion.   Net income amounted to $24 million, or $0.07

AAL Q4 2022 Report: Highlights American Airlines earnings

American Airlines Group (NASDAQ: AAL) announced fourth-quarter 2022 financial results on Thursday, reporting a sharp increase in revenues. The company turned profit from a loss last year. Total operating revenues

LUV Earnings: A snapshot of Southwest Airlines’ Q4 2022 report

Southwest Airlines Co. (NYSE: LUV) on Thursday announced financial results for the fourth quarter of 2022, reporting a net loss and a double-digit increase in revenues. Total operating revenue was

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top