Intuit Inc (NASDAQ: NASDAQ:INTU) shares are trading higher Wednesday after the company reported better-than-expected financial results and issued full-year revenue guidance above analyst estimates.
Intuit said fiscal fourth-quarter revenue decreased 6% year-over-year to $2.4 billion, which beat average analyst estimates of $2.34 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.10 per share, which beat average analyst estimates of 98 cents per share.
"We had a very strong fourth quarter, ending the year with momentum. We're more confident than ever in our long-term business strategy as we power prosperity around the world," said Sasan Goodarzi, CEO of Intuit.
Intuit expects fiscal first-quarter revenue growth of approximately 23% to 25%. The company expects first-quarter earnings to be between $1.14 and $1.20 per share versus the estimate of $1.86 per share.
Intuit expects full-year 2023 revenue to be between $14.485 billion and $14.7 billion versus the estimate of $14.47 billion. The company expects full-year adjusted earnings to be between $13.59 and $13.89 per share versus the estimate of $13.81 per share.
See Also: US Futures Point To Lackluster Start As Fed Official Kashkari's Hawkish Comments Aggravate Rate Hike Fears
Analyst Assessment:
- Keybanc analyst Josh Beck maintained Intuit with an Overweight and raised the price target from $475 to $525.
- Piper Sandler analyst Arvind Ramnani maintained Intuit with an Overweight and raised the price target from $500 to $553.
- Barclays (LON:BARC) analyst Raimo Lenschow maintained Intuit with an Overweight and raised the price target from $580 to $585.
The stock was up 5.88% at $476 at press time.
Photo: Tony Webster from Flickr.
Latest Ratings for INTU
Feb 2022 | Keybanc | Maintains | Overweight | |
Feb 2022 | Deutsche Bank (ETR:DBKGn) | Maintains | Buy | |
Feb 2022 | Oppenheimer | Maintains | Outperform |
View the Latest Analyst Ratings
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga