Categories AlphaGraphs, Analysis, Technology

Intuit beats Q2 earnings estimate by 23 cents

Payroll solutions provider Intuit Inc. (INTU) on Thursday reported a 12% increase in second-quarter revenue to $1.5 billion, helped by a 38% jump in Small Business Online Ecosystem revenue. Analysts had projected total revenue of just $1.48 billion for Q2.

The stock gained 0.4% during after-market trading following the announcement. INTU shares have gained 35% in the past 12 months and are currently trading at an all-time high.

Picture Courtesy: Intuit

Net income rose to 72 cents per share from 70 per share a year ago. Excluding for one-time costs, the company earned $1 per share, which surpassed the street expectation of 77 cents per share.

CEO Sasan Goodarzi said, “Small Business and Self-Employed Group delivered another strong quarter led by our Online Ecosystem. We are solving top customer problems with offerings that deliver better money outcomes, smarter decisions and enhanced connections for those leveraging the QuickBooks platform.”

QuickBooks Online subscribers grew 38%, ending the quarter with nearly 3.9 million subscribers.

An infographic on Intuit's second quarter 2019 earnings results

Looking ahead into the third quarter, the company expects adjusted earnings in the range of $5.35 to $5.40 per share and revenue growth in the range of 10% to 12%.

For the full year 2019, Intuit reiterated its adjusted earnings guidance in the range of $6.40 to $6.50 per share. Revenues outlook projection was unchanged at $6.530 billion to $6.630 billion.

Market experts remain optimistic about the company’s mid-market targeting QuickBooks Online Advanced service. Customers would be benefited by the easy discovery of critical payments functionality in the QuickBooks Payments that was redesigned recently.

 

Listen to publicly listed companies’ earnings conference calls along with the edited closed caption text 

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Leave a Reply

Your email address will not be published. Required fields are marked *

Add Comment
Loading...

Cancel
Viewing Highlight
Loading...
Highlight
Close
Top