Intuit Shares Slide Following Earnings, Revenue Miss
By Sam Boughedda
Investing.com -- Financial software company Intuit Inc (NASDAQ:INTU) shares fell 2% after the company reported earnings after the close Thursday.
The company missed both earnings and revenue estimates in the second quarter of fiscal 2022 report. The Mountain View, California-based company announced earnings per share of $1.55 on revenue of $2.67 billion. Analysts polled by Investing.com anticipated EPS of $1.85 on revenue of $2.73 billion.
Despite missing analyst estimates, the company's revenue was up 70%, boosted by the addition of Mailchimp and a full quarter of Credit Karma.
“We see continued strong momentum across the company as we focus on our mission to power prosperity and solve our customers’ biggest financial problems," said Sasan Goodarzi, Intuit's CEO.
"Our platform continues to thrive as digitization is more important now than ever. As we move through tax season, we're proud to help customers get the biggest refund they deserve," added Goodarzi.
The company sees the full fiscal year 2022 revenue of $12.16 billion to $12.3 billion, and adjusted earnings per share of $11.48 to $11.64.
Analysts at Deutsche Bank, Barclays and BMO Capital have all lowered their price targets on the stock following the earnings release.
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