By Jon Swartz
Intuit Inc.’s stock initially gained 4% in extended trading Tuesday after the software company reported fiscal fourth-quarter results that exceeded Wall Street analysts’ forecasts.
Meanwhile, the company’s board approved a $2 billion stock repurchase authorization, giving it a total authorization of $3.5 billion, and the board also approved a quarterly dividend of 78 cents per share, payable Oct. 18.
Intuit /zigman2/quotes/203136605/composite INTU -1.54% reported a net loss of $56 million, or 20 cents a share, compared with net income of $380 million, or $1.39 a share, in the year-ago quarter. Adjusted earnings were $1.10 a share.
Revenue declined 6% to $2.41 billion from $2.56 billion a year ago.
Analysts polled by FactSet expected earnings of 98 cents a share on revenue of $2.34 billion.
“When you look at our platform, we are not a line item but we are mission critical. Our software drives the livelihood of smaller businesses that rely on us,” Intuit Chief Executive Sasan Goodarzi told MarketWatch. He said recent acquisitions of Credit Karma and Mailchimp have made Intuit even more essential to individuals and companies of up to 100 people.
The company also offered fiscal 2023 revenue and earnings guidance largely in line with estimates from analysts polled by FactSet. Intuit expects revenue between $14.49 billion and $14.7 billion, and adjusted earnings of between $13.59 and $13.89 a share. FactSet analysts, by comparison, are modeling $14.5 billion and $13.76 a share, respectively.
Shares of Intuit have cratered 30% this year, while the broader S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.16% has declined 13%.