Intuit late Thursday beat Wall Street's targets for its fiscal third quarter thanks to a strong tax-preparation season. Its guidance also was above views. Intuit stock rose in extended trading.
The provider of personal and business financial software and services earned an adjusted $11.65 a share on sales of $7.75 billion in the quarter ended April 30. Analysts polled by FactSet had expected earnings of $10.93 a share on sales of $7.57 billion. On a year-over-year basis, Intuit earnings rose 18% while sales increased 15%.
For its current fiscal quarter ending July 31, Intuit forecasts adjusted earnings of $2.66 a share on sales of $3.74 billion. That's based on the midpoint of its guidance. Wall Street has been modeling earnings of $2.61 a share on sales of $3.54 billion for the fiscal fourth quarter. In the same quarter last year, Intuit earned an adjusted $1.99 a share on sales of $3.18 billion.
Mountain View, Calif.-based Intuit's financial software includes TurboTax, QuickBooks, Credit Karma and Mailchimp.
"We had an outstanding year in tax, including a significant acceleration in TurboTax Live revenue growth as we disrupt the assisted tax category," Intuit Chief Executive Sasan Goodarzi said in a news release.
He added, "We're redefining what's possible with AI by becoming a one-stop shop of AI agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses."
Intuit Stock Forms Cup Base
In after-hours trading on the stock market today, Intuit stock rose more than 5% to 700. During the regular session Thursday, Intuit stock rose 0.9% to close at 666.07.
Intuit stock has formed a cup base with a buy point of 714.78, according to IBD MarketSurge charts.
Further, Intuit stock is on the IBD Tech Leaders list.
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