Intuit Shares Slide On Revenue Miss, Outlook, Divestitures

Intuit Inc. shares slipped in the extended session Thursday after the accounting software company missed on revenue for the quarter, provided a weak outlook, and announced product divestitures. Intuit shares fell 6.2% to $96.60. The company reported an adjusted fiscal fourth-quarter loss of 5 cents a share on revenue of $696 million. Analysts surveyed by FactSet estimated a loss of 11 cents a share on revenue of $735.9 million. Intuit said it plans to divest Demandforce, QuickBase and Quicken, resulting in a reduction of $250 million in revenue and about 10 cents a share in earnings for fiscal 2016. For the year, Intuit expects adjusted earnings of $3.40 to $3.45 a share on revenue of $4.53 billion to $4.6 billion. Analysts estimate $3.82 a share on revenue of $5.04 billion. Intuit said it hiked its quarterly dividend by 20% to 30 cents a share.