Intuit (INTU) stock jumped on Friday after the financial software firm crushed Wall Street’s targets for its fiscal first quarter. It also guided higher than views for the current quarter and full year. Intuit stock rose more than 10% on the news.
The Mountain View, Calif.-based company late Thursday said it earned an adjusted $1.53 a share on sales of $2.01 billion in the quarter ended Oct. 31. Wall Street expected Intuit earnings of 97 cents a share on sales of $1.81 billion, according to FactSet. On a year-over-year basis, Intuit earnings surged 63% while sales increased 52%.
For the current quarter, Intuit expects to earn an adjusted $1.86 a share on sales of $2.73 billion. That’s based on the midpoint of its guidance. Wall Street had predicted Intuit earnings of $1.54 a share on sales of $2.32 billion in the fiscal second quarter ending Jan. 31.
“We are off to a strong start in fiscal year 2022, delivering on our strategy of becoming an AI-driven expert platform powering the prosperity of consumers and small businesses,” Chief Executive Sasan Goodarzi said in a news release. “We continue to see strong momentum and proof that our big bets are further positioning us for durable growth in the future.”
Intuit Stock Pops Higher
In morning trading on the stock market today, Intuit stock surged 10.9%, near 697.30. During the regular session Thursday, Intuit stock fell 1% to 628.94.
Intuit makes TurboTax tax preparation software as well as QuickBooks, Mint and Credit Karma products. On Nov. 1, Intuit completed its acquisition of Mailchimp in a cash-and-stock deal worth $12 billion.
Intuit raised its full-year revenue guidance to reflect the Mailchimp acquisition and strong overall momentum.
It now expects fiscal 2022 revenue to grow 26% to 28%. Excluding Mailchimp, Intuit expects sales growth of 18% to 20%, up from its prior guidance of 15% to 16%.
At the midpoint of its outlook, Intuit forecast full-year adjusted earnings of $11.56 a share on sales of $12.23 billion. That would translate to year-over-year growth of 19% in earnings and 27% in sales. Analysts were looking for Intuit earnings of $11.23 a share on sales of $11.16 billion in fiscal 2022.
Intuit Stock Is A Long-Term Leader
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
YOU MAY ALSO LIKE: