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Intuit Shares Drop 6% Despite Strong Q3 Results & Outlook
May 24, 2024 10:19 AM - Davit Kirakosyan
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Intuit raised its full-year guidance after reporting fiscal third-quarter results that exceeded expectations. Despite this, Intuit (NASDAQ:INTU) saw its stock drop by over 6% in pre-market today.
The company reported earnings per share of $9.88 on revenue of $6.74 billion, significantly surpassing analyst estimates of $9.38 EPS on $6.65 billion in revenue.
CEO Sasan Goodarzi highlighted the transformative impact of AI, stating that Intuit's strategy to become a global AI-driven expert platform is delivering significant benefits for customers and strong company-wide results.
For the future, Intuit updated its guidance, expecting adjusted earnings between $16.79 and $16.84, representing about 17% growth, up from the previous forecast of 12% to 14% growth. Revenue is projected to range from $16.16 billion to $16.2 billion, indicating approximately 13% growth, up from the prior guidance of 11% to 12% growth.
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