Intuit Inc (NASDAQ:INTU, ETR:ITU) projected fiscal second quarter revenue and profit below Wall Street estimates, sending its shares more than 5% lower after Thursday’s closing bell.
For the quarter ending in January, the financial technology firm projected revenue in the range of $3.81 billion to $3.85 billion, short of the $3.87 billion expected.
Expectations of adjusted earnings per share (EPS) in the range of $2.55 to $2.61 missed estimates of $3.17.
Intuit’s weak guidance overshadowed beats on the top and bottom lines for the fiscal first quarter.
EPS of $2.50, up 1% from $2.47 in Q1 2024, beat estimates of $2.36 while revenue increased by 10% year-over-year to $3.3 billion, above the $3.14 billion expected.
This included Global Business Solutions Group revenue of $2.5 billion and Online Ecosystem revenue of $1.9 billion, which marked growth of 9% and 20% from the year-ago period, respectively.
"We've had a strong start to the year as we demonstrate the power of Intuit's AI-driven expert platform strategy,” Intuit CEO Sasan Goodarzi said in a statement.
“By delivering 'done-for-you' experiences, enabled by AI with access to AI-powered human experts, we continue to fuel the success of consumers and businesses. Our innovation and the proof points we're observing continue to bolster our confidence in our strategy."
Intuit also reiterated its full-year guidance of revenue growth between 12% and 13% to $18.2 billion to $18.3 billion, while EPS is forecast to grow by 13% to 14% to between $19.16 and $19.36.
"We are confident in delivering double-digit revenue growth and margin expansion this year, and we are reiterating our full-year guidance for fiscal 2025,” Intuit CFO Sandeep Aujla commented.
Shares of Intuit traded down 5.7% at $640 post-earnings.