Looking ahead into the second quarter, the company expects revenues to increase by 11% to 13% to the range of $1.67 billion to $1.69 billion, and earnings in the range of $0.70 to $0.73. Adjusted earnings are anticipated to be in the range of $1.00 to $1.03 per share for the second quarter.
For the full year 2020, the company reiterated its revenues outlook in the range of $7.44 billion to $7.54 billion and earnings guidance in the range of $6.35 to $6.45 per share. Adjusted earnings are still anticipated to be in the range of $7.50 to $7.60 per share for the full year.
Read: Palo Alto Networks Q1 earnings preview
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The company grew QuickBooks online accounting revenue by 41% in the first quarter, driven by strong customer growth, and to a lesser extent, higher effective prices and mix-shift. Online Services revenue jumped by 27% driven by QuickBooks Online Payroll and QuickBooks Online payments. Total international online revenue climbed over 60%.
In the first quarter, the company repurchased $139 million of shares with $2.5 billion remaining on the company’s authorization. Also, Intuit received board approval for a quarterly dividend of $0.53 per share, payable on January 21, 2020, to shareholders of record on January 10, 2020. This represents a 13% increase compared to last year.