Payroll solutions provider Intuit Inc. (NASDAQ: INTU) said its revenues for the fourth quarter rose 15% to $994 million, surpassing analysts’ projection of $961.9 million. Online Ecosystem revenue jumped 35% during the quarter.
Meanwhile, the company posted a loss of 9 cents per share in Q4, compared to a loss of 1 cent per share a year ago. This was narrower than analysts’ projection of 14 cents per share loss.
Intuit shares gained 5.5% immediately following the announcement. INTU stock has rallied 42% so far this year
CEO Sasan Goodarzi said, “Our business continued its strong momentum in the fourth quarter, resulting in full-year revenue growth of 13%, exceeding our original guidance of 8 to 10 percent growth.”
For the full year, Intuit’s QuickBooks Online subscriber base grew 25% in the US and 58% outside the US.
For the first quarter of 2020, the Mountain View, California-based company expects revenues of $1.105 billion to $1.125 billion, up 9-11%. Adjusted EPS is expected to be $0.23 to $0.25.
For the full year, Intuit anticipates revenue of $7.440 billion to $7.540 billion and adjusted EPS of $7.50 to $7.60.
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