Revenues came in higher than wall street expected - $162mm while most estimates were for $155mm. If you take the $7mm difference and divide it by 203.72mm shares outstanding you get around 3.5 cents per share. On top of that they spent considerably less on service and support (a concern TR has voiced) and gen'l/admin expenses vs. the same period last year. This is a very simplistic look, but the key is to know why revenues came in higher - where they came from, which I don't really know.
I also think estimates were too conservative and right now wall street is perhaps raising the bar a bit after such a disparity. Its also tough to judge company performance during a quarter that shows such little production from the company's main source of revenues. I think wall street may have underestimated the amount of revenues they would receive from their internet operations. I know that for the fiscal year, Internet revenues were more than double that of last year.
I would be buying on any weakness heading into the seasonally strong new product season. I think we will see a very strong year ahead as consumers and small businesses buy all that new software they thought would melt their computers due to Y2K. They will also start making money with Rock Financial and Internet hosting.
Let's not forget that Intuit increased their margin % and their sales forecast at the last qtr. announcement. Intuit said on the call it expects 2001 sales to rise 22 percent and that pro forma operating income will increase in the low 30-percent range.
This is a major reason for the increase in the stock price of late.