Intuit results announced

US business software company Intuit Inc. (NASDAQ: INTU) announced the latest financial results for first quarter of fiscal 2024 after the closing bell in the US on Tuesday.

Company overview

• Founded: 1983
• Headquarters: Mountain View, California, United States
• Number of employees: 18,200 (2023)
• Industry: Enterprise software
• Key people: Sasan Goodarzi (CEO), Scott Cook (Chairman)

The results

Intuit reported revenue of $2.978 billion for the three months ending October 31 st (up by 15% from the same period last year), which was above analyst estimate of $2.878 billion.

Earnings per share also topped analyst estimates at $2.47 per share (up by 49% year-over-year) vs. $1.978 per share expected.

The company reiterated full fiscal year 2024 revenue guidance of between $15.890 billion to $16.105 billion, which would represent growth of between 11% to 12% year-over-year.

CEO commentary

“We had a very strong first quarter, starting our fiscal year with momentum,” CEO of Intuit, Sasan Goodarzi said in a letter to investors. “With data and AI core to our strategy, we’re accelerating innovation across our global financial technology platform to power the prosperity of consumers and small businesses,” Goodarzi added.

Stock reaction

The stock was up by 0.68% at $565.07 a share on Tuesday. Share rose by around 1% in the after-hours trading as the latest results were announced.

Stock performance

• 1 month: +14.17%
• 3 months: +5.33%
• Year-to-date: +45.18%
• 1 year: +48.82%

Intuit stock price targets

• Wells Fargo: $575
• Bank of America: $580
• Morgan Stanley: $525
• KeyBanc: $600
• JP Morgan: $563

Intuit Inc. is the 71 st largest company in the world with a market cap of $158.18 billion.

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Sources: Intuit Inc., TradingView, MarketWatch, TipRanks, Benzinga, CompaniesMarketCap, FactSet