Intuit Inc. (NASDAQ: INTU) said on Tuesday that its earnings and revenue in the fiscal second quarter came in weaker than expected.
Intuit shares, that you can learn to buy online here, were reported more than 2% down in after-hours trading on Tuesday. The stock now has a per-share price of £274.43 versus £138 per share in the last week of March 2020.
Intuit’s Q2 financial results versus analysts’ estimates
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Intuit said that its net income in the second quarter printed at £166.53 million on an adjusted basis, that translates to 48.19 pence per share. In the comparable quarter of last year, its adjusted net income stood at a higher £272.12 million, or 82 pence per share.
The business and financial software company saw a 7% annualised decline in its Q2 revenue to £1.12 billion versus the year-ago figure of £1.20 billion. In the prior quarter (Q1), Intuit had noted a more than 200% increase in its net income.
According to FactSet, experts had forecast the company to report £1.19 billion of revenue in the recent quarter. Their estimate for adjusted per-share earnings stood at a higher 60.94 pence per share. Intuit’s financial update comes only a day after ZoomInfo reported better than expected quarterly sales and earnings.
Other prominent figures in the Nasdaq-listed company’s earnings report on Tuesday include an 11% year over year increase in Self-Employed Group revenue, a 22% growth in Online Ecosystem revenue, and a 71% decline in Consumer Group revenue in the second quarter.
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Intuit’s guidance for the fiscal third quarter
For the fiscal third quarter, Intuit now forecasts its revenue to grow by up to 55%. The Mountain View-based firm expects its non-GAAP per-share diluted earnings to fall in the range of £4.78 to £4.85. According to CEO Sasan Goodarzi:
“We continue to see strong momentum and accelerating innovation across the company with our A.I. – driven expert platform strategy. Small Business and Sefl-Employed Group delivered double-digit revenue growth, and Credit Karma performed very well since we completed the acquisition in December. We are encouraged by our early results this tax season, and we are confident in our game plan to win.”
Intuit performed largely upbeat in the stock market last year with an annual gain of more than 40%. At the time of writing, it is valued at £77.51 billion and has a price to earnings ratio of 53.58.