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Intuit Stock Drops As TurboTax Maker Narrowly Beats Lowered Sales, Earnings Targets

Intuit Stock Drops As TurboTax Maker Narrowly Beats Lowered Sales, Earnings Targets

Financial software firm Intuit (INTU) late Tuesday narrowly beat Wall Street’s lowered targets for its fiscal second quarter. The earnings report pushed Intuit stock lower in extended trading.




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The Mountain View, Calif.-based company earned an adjusted 68 cents a share on sales of $1.58 billion in the quarter ended Jan. 31. Analysts expected Intuit earnings of 67 cents a share on sales of $1.57 billion, according to S&P Global Market Intelligence. In the year-earlier period, Intuit earnings were an adjusted $1.16 a share on sales of $1.7 billion.

On Feb. 9, the TurboTax maker lowered its sales and earnings guidance for its fiscal second quarter to account for the later start of this year’s U.S. federal tax season. The IRS didn’t start accepting and processing returns until Feb. 12, compared with Jan. 27 last year, because it needed more time for additional programming and testing of its systems.

In after-hours trading on the stock market today, Intuit stock dropped 2.8%, near 388. During the regular session, Intuit stock fell 0.6% to 399.09 amid a tech stock selloff.

Intuit makes TurboTax, QuickBooks, Credit Karma and Mint products and services.

More details to follow.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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Erin Clark

Erin is a sports enthusiast who loves indulging in occasional football matches. She is a passionate journalist who flaunts a perfect hold over the English language. She currently caters her skills for the sports and health section of Report Door.

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