Intuit Inc. experienced a slight stock dip of 3% in after-hours trading on Thursday following the release of its quarterly financial results. While the software company outperformed analyst expectations, its revenue guidance for the current quarter fell short.
For the fiscal fourth quarter, Intuit reported a net income of $89 million, or 32 cents per share, a significant improvement from the net loss of $56 million, or 20 cents per share, in the same period last year. Adjusted earnings reached $1.66 per share.
Revenue for the quarter showed impressive growth, rising 12% to $2.71 billion from $2.4 billion compared to the previous year.
Analysts surveyed by FactSet had forecasted an average net earnings of $1.43 per share on revenue of $2.64 billion. Intuit exceeded these estimates.
However, the company provided a cautious revenue outlook for the first quarter of the fiscal year, projecting revenue between $2.6 billion and $2.88 billion. This falls at the lower end of analysts’ estimates, which stood at $2.88 billion.
“We had a very strong fourth quarter, ending the year with momentum, as we executed on our strategy to be the global AI-driven expert platform powering prosperity for consumers and small businesses,” stated Intuit Chief Executive Sasan Goodarzi in a press release announcing the financial results.
Despite the slight stock dip, shares of Intuit have seen substantial growth this year, surging by 28%. In comparison, the S&P 500 index has increased by 14%.
Intuit’s strong performance in the fourth quarter reflects its commitment to become a pioneering AI-driven platform that empowers both consumers and small businesses to achieve financial success.