Intuit reported a loss of 10 cents a share for the first quarter, above analysts' estimates of a loss of 20 cents for the quarter. Revenue grew 8% year over year to $672 million in the quarter, beating analysts' estimates of$620.78 million.
QuickBooks Online subscribers grew 43% year over year to 739,000 in the quarter, up from 40% growth in the previous quarter.
"We began fiscal 2015 on a strong note. Our shift to the cloud continues to accelerate customer growth, led by QuickBooks Online," CEO Brad Smith said in a statement.
TheStreet Ratings team rates INTUIT INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTUIT INC (INTU) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, solid stock price performance and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."