Intuit Inc. INTU shares are trading lower after the close Tuesday on the heels of the company’s fiscal third-quarter results.
- Q3 Revenue: $6.02 billion, missed estimates of $6.1 billion
- Q3 EPS: $8.92, beat estimates of $8.48
Revenue was up 7% year-over-year driven by strength in small business. Small business and self-employed revenue was up 21% and consumer group revenue was up 3%. Credit Karma revenue was down 12% and ProTax Group revenue declined 5%.
“We are raising our total company revenue, operating income, and earnings per share guidance for the fiscal year, demonstrating the strength and resiliency of our platform and portfolio in uncertain times,” said Inuit CEO Sasan Goodarzi.
Outlook: Intuit sees fourth-quarter revenue up 9% to 10% year-over-year. Earnings are expected to be between $1.43 and $1.48 per share versus estimates of $1.51 per share.
The company expects full-year 2023 revenue of $14.279 billion to $14.317 billion versus estimates of $14.18 billion. Full-year earnings are expected to be in the range of $14.20 to $14.25 per share versus estimates of $13.83 per share.
Shares appear to be reacting negatively to the company’s top-line miss, as well as weak fourth-quarter earnings guidance.
See Also: Why Palo Alto Networks Stock Is Moving Higher After Hours
INTU Price Action: Intuit shares were down 5.69% after hours at $424.20 at the time of writing, according to Benzinga Pro.
Photo: Mike Mozart from Flickr
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