Intuit lifts full-year outlook on Q3 results beat, but Q4 earnings guidance misses

May 24, 2024 06:48 AM AEST | By Investing

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Intuit lifts full-year outlook on Q3 results beat, but Q4 earnings guidance misses

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Investing.com - Intuit lifted its full-year outlook Thursday, but earnings guidance for the current quarter fell short of expectations, overshadowing Q4 results that beat on both the top and bottom lines.

For Q4, the company guided adjusted earnings in a range of $1.80 to $1.85 per share, representing growth of approximately 13 to 14% on revenue between $3.06 billion to $3.10B. Analysts were expecting adjusted EPS of $1.92 on revenue of $3.05B.

Intuit Inc (NASDAQ:INTU) fell more than 7% in afterhours trading.

Intuit announced earnings per share of $9.88 on revenue of $6.74 billion. Analysts polled by Investing.com anticipated EPS of $9.38 on revenue of $6.65 billion.

“The era of AI is one of the most significant technology shifts in our lifetime, and our strategy to be the global AI-driven expert platform is delivering significant benefits to our customers and strong results across the company,” Chief Executive Sasan Goodarzi said in a statement.

Looking ahead, the company guided adjusted earnings in a range of $16.79 to $16.84, representing growth of approximately 17%, up from previous guidance for growth of 12% to 14%. Revenue was expected in a range of $16.16B to $16.2B, or growth of approximately 13%, up from previous guidance for growth of 11% to 12%.

The company increased its quarterly dividend by 15% to $0.90 per share.

This article first appeared in Investing.com

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