Intuit's Quarterly Results Beat Projections but Forecast Disappoints

By Maria Armental Features Dow Jones Newswires

Intuit's (INTU) first-quarter results beat internal and Wall Street projections with a 14% revenue increase, driven by growth in subscribers for its QuickBooks Online.

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But shares, which set a 52-week high on Monday, fell 1.6% to $155.28 in extended trading as the company affirmed its forecast for the year and as its second-quarter guidance fell largely in line with analysts' expectations.

For the quarter that ends Jan. 31, the maker of TurboTax and QuickBooks expects to make 8 cents to 11 cents a share, or 31 cents to 34 cents on an adjusted basis, on $1.16 billion to $1.18 billion in revenue. Analysts surveyed by Thomson Reuters had projected 10 cents a share, or 32 cents as adjusted, on $1.12 billion in revenue. (maria.armental@wsj.com; @mjarmental)

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

November 20, 2017 17:41 ET (22:41 GMT)