Intuit (INTU) Stock Surges in After-Hours Trading on Earnings, Revenue Beat
NEW YORK (TheStreet) -- Intuit (INTU) - Get Report stock is rising by 8.29% to $105.50 in after-hours trading on Thursday, after the company reported its fiscal 2016 first quarter earnings results.
The Mountain View, CA-based financial management solutions company posted adjusted earnings of 9 cents per share, down from 11 cents per share for the year-ago period.
Revenue climbed by 17% year-over-year to $713 million, up from $612 million for the fiscal 2015 first quarter.
Analysts had forecast for a first quarter net loss of 4 cents per share on revenue of $671 million.
Intuit increased its full-year fiscal 2016 adjusted per-share earnings forecast to range between $3.45 and $3.50 per share, up from the prior guidance between $3.40 and $3.45 per share.
"We started the fiscal year the same way we ended the last, with strong momentum across our businesses as our intense focus on our global cloud strategy takes shape," CEO Brad Smith said in a statement. "We exceeded our subscriber and financial targets in the first quarter and have raised our earnings per share guidance for the fiscal year based on these initial strong results and our acceleration of share repurchases in the quarter."
Separately, TheStreet Ratings team rates INTUIT INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate INTUIT INC (INTU) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including premium valuation, weak operating cash flow and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: INTU
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