This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Intuit Slips on Lowered View

Updated from 4:46 p.m. EST Intuit (INTU - Get Report) was able to beat Wall Street's second-quarter earnings expectations, but revenue growth was sluggish, and net income slipped by nearly 21%.

The maker of popular tax-related software programs posted a profit of $145 million, or 40 cents a share, down from $183 million, or 50 cents a share in the year-ago quarter, Intuit announced after Thursday's closing bell.

Revenue was up 3% to $763 million. However, the number is a bit misleading because $45 million in revenue from two products that would normally have been recognized in the second quarter moved to the first and third quarters.

Had the revenue from Quicken, which shipped early, and Professional Tax, which shipped late due to last-minute changes by the IRS, been recognized on a normal schedule, sales would have grown by a more robust 9%, said CFO Kiran Patel.

Excluding 7 cents a share from discontinued operations, Intuit earned $161 million, or 45 cents a share. Analysts polled by Thomson First Call were forecasting an EPS of 42 cents on revenue of $762 million.

The news sparked some mild selling after the close. Shares were off 38 cents, or to $30.48 in extended trading.

Intuit also announced that ADP Employer Services, a division of Automatic Data Processing (ADP ) will take over a portion of Intuit's payroll business.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
INTU $105.74 0.21%
AAPL $122.37 -0.50%
FB $95.21 -1.84%
GOOG $632.59 0.10%
TSLA $266.79 1.13%

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs