Intuit’s stock price dropped after they released their fiscal Q2 earnings report on Thursday, February 22nd. While the company beat Wall Street’s earnings expectations, their guidance for the current quarter fell short, causing investors to sell off shares. Here are some key points to remember:
Positives:
- Earnings beat: Intuit reported adjusted EPS of $2.63, exceeding analyst estimates of $2.29.
- Revenue growth: Revenue grew 11% year-over-year to $3.39 billion, meeting analyst expectations.
Negatives:
- Soft Q3 guidance: The company’s guidance for Q3 EPS fell below analyst expectations, raising concerns about future growth.
- Stock price decline: Intuit’s stock price fell in extended trading after the earnings report.
Additional factors:
- Competition: Intuit faces competition from other tax software providers and fintech companies.
- Economic uncertainty: The overall economic climate could impact consumer spending on tax software.
Overall, the mixed earnings report has caused some uncertainty about Intuit’s future prospects. Investors are waiting to see if the company can meet its revised guidance and overcome the challenges it faces.
Here are some resources where you can learn more:
- Investor’s Business Daily: https://www.investors.com/news/intuit-stock-1-of-only-3-joining-the-ibd-50-watchlist-in-strong-market/
- Intuit Investors: Intuit Reports Strong Second Quarter Results and Reiterates Full Year Guidance
- Robinhood: https://robinhood.com/stocks/INTU/
