Intuit Inc (NASDAQ:INTU) announced its fiscal fourth-quarter earnings as well as its upcoming change in leadership as CEO Brad Smith plans to step down.
The tech giant reported earnings of US$0.32 per share on revenue of US$988mln compared with US$0.20 on revenue of US$842mln in the previous year’s fourth quarter.
The California-based company beat Wall Street estimates of US$0.23 EPS on revenue of $952.21mln.
"Both Online Ecosystem revenue and QuickBooks Online subscribers grew at a rapid pace. We are also pleased with the strong product innovation in our Consumer business, focused on better serving our customers,” said Smith in the company’s press release.
Its accounting software QuickBooks saw subscribers rise 43% to 3.4 million users.
For the full year, the company reported earnings per share of US$5.61 on revenue of US$5.96bn.
READ: Intuit shares are flat despite beating on earnings and revenue in its fiscal third quarter
The full-year results topped its prior full-year guidance of earnings per share between US$5.51 and US$5.53 on sales between US$5.92bn and US$5.94bn.
For fiscal 2019, Intuit expects earnings per share between US$6.40 to US$6.50 on revenue between US$6.53bn to US$6.63bn.
Although Intuit topped analyst estimates, the announcement of a change in leadership weighed on its shares.
Brad Smith will step down at the end of the year and be replaced by Executive Vice President Sasan Goodarzi.
Chief Technology Officer Tayloe Stansbury will also step down and be replaced by Senior Vice President Marianna Tessel.
Shares fell more than 1% to US$210.10 in Thursday after-hours trading.