: Turbo Tax parent Intuit reports a narrow revenue miss, raises guidance for the year

Shares of Intuit Inc. INTU dropped more than 5% in the extended session Tuesday after the parent of Turbo Tax and other tax and accountancy software narrowly missed quarterly FactSet revenue expectations but posted higher-than-expected adjusted profit and also raised guidance for its fiscal year. Intuit earned $2.09 billion, or $7.38 a share, in the quarter, compared with $1.79 billion, or $6.28 a share, in the year-ago quarter. Adjusted for one-time items, Intuit earned $8.92 a share. Revenue rose 7% to $6.02 billion. FactSet consensus called for adjusted earnings of $8.48 a share on sales of $6.09 billion. The company guided for fiscal 2023 revenue of $14.279 billion to $14.317 billion, which would represent growth of about 12% to 13%, up from a previous guidance for growth of 10% to 12%. Intuit also raised its adjusted EPS guidance for the year, to between $14.20 and $14.25, which would represent growth of about 20%, up from a prior outlook of growth of 15% to 17%. The raised guidance, which was above FactSet consensus, was “demonstrating the strength and resiliency of our platform and portfolio in uncertain times,” Chief Executive Sasan Goodarzi said in a statement. “The benefits of our global financial technology platform are more mission-critical than ever to our customers.” Shares of Intuit ended the regular trading day down 1%.

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