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.
For technology stocks, 2022 has been a challenging year, with companies losing significant market value amid prolonged stock selloff. In that respect, Salesforce, Inc. (NYSE: CRM) is among the worst-affected
Shares of Macy’s Inc. (NYSE: M) were down on Thursday. The stock has gained 36% over the past three months and 18% over the past one month. The company’s sales
Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market's expectations. Net earnings attributable to