Intuit Reports Drop in Q2 Profits; Beats Estimates (INTU)
Business and financial management solution provider, Intuit Inc.(INTU) reported a drop in profits for its second quarter, but beat analysts estimates on Friday.
The Mountain View, CA based company reported second quarter net income of $71 million, or 23 cents per share, down -40% from $118 million, or 39 cents per share last year. Excluding special items, earnings were 33 cents per share, which beat analysts estimate of 32 cents per share.
Revenue for the quarter was $968 million, down -3% from $999 million last year. Analysts estimated $976.5 million in revenue.
Looking ahead, the company estimated earnings for the third quarter to be in the range of $2.99 to $3.04 per share. Revenue is expected to be between $2.22 billion and $2.28 billion.
Intuit shares were mostly flat during premarket trading Friday. The stock has increased 6.8% in the past year.
The Bottom Line
Shares of Intuit Inc.(INTU) have a 1.11% yield, based on Thursday’s closing price of $61.30.
Intuit Inc.(INTU) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.