Intuit Shares Slide On Revenue Miss, Outlook, Divestitures

By Wallace WitkowskiMarketWatch Pulse

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.

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