Categories Earnings, Technology
Intuit (NASDAQ: INTU) Q1 profit beats estimates but guides Q2 below view
Intuit Inc. (NASDAQ: INTU) reported a 67% jump in earnings for the first quarter of 2020 helped by higher revenues and income tax benefit. The results exceeded analysts’ expectations. However, the payroll solutions provider guided second-quarter earnings below the consensus estimates.
Net income soared by 67% year-over-year to $57 million or $0.22 per share. Adjusted earnings jumped by 41% to $0.41 per share. Revenues grew by 15% to $1.17 billion. This was driven by the strong demand for QuickBooks Online and TurboTax Live.
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.
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.
Most Popular
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
AVGO Earnings: Broadcom reports higher Q4 FY25 revenue, profit; results beat
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported an increase in revenue and adjusted earnings for the fourth quarter of fiscal 2025. The numbers also surpassed analysts' expectations. Adjusted
Lamb Weston (LW) is set to report Q2 2026 earnings next week, here’s what to look for
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) rose over 1% on Thursday. The stock has gained 4% over the past three months. The French fry giant is slated to
