Intuit Narrows Q1 Loss; Guides Q2 Below View, but Backs Full-Year Outlook (INTU)
Business and tax software maker Intuit Inc. (INTU) late Thursday said its fiscal third quarter loss narrowed from last year, as revenue rose amid a difficult seasonal period.
The Mountain View, CA-based company reported a fiscal first quarter net loss of $19 million, or 6 cents per share, compared with a loss of $64 million, or 21 cents per share, in the year-ago period. Excluding special items, its adjusted loss was 3 cents per share.
Revenue rose 13% from last year to $647 million.
On average, Wall Street analysts expected a worse loss of 6 cents per share, on lower revenue of $639.4 million.
Looking ahead, INTU forecast fiscal second quarter earnings of 40 to 43 cents per share, which would badly miss Wall Street’s view of 59 cents. The company stood by its adjusted full-year outlook of $3.32 to $3.38 per share, however.
Intuit shares rose $1.05, or +1.8%, in premarket trading Friday.
The Bottom Line
Shares of Intuit (INTU) have a 1.16% dividend yield, based on last night’s closing stock price of $58.77. The stock has technical support in the $55-$56 price area. The stock is trading near the all-time high levels of $60-$62 a share.
Intuit Inc. (INTU) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.