By Wallace Witkowski
An earlier version of this article miscalculated a clarification of the company’s fourth-quarter guidance. It has been corrected.
Intuit Inc. shares rose in the extended session Tuesday after the accounting-software company reported tax-season results that topped Wall Street expectations and hiked its guidance for the year.
Intuit /zigman2/quotes/203136605/composite INTU +0.72% shares rose 3% after hours, following a 3.3% decline in the regular session to close at $358.97.
The company reported fiscal third-quarter net income of $1.79 billion, or $6.28 a share, compared with $1.46 billion, or $5.30 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $7.65 a share, compared with $6.07 a share in the year-ago period.
Revenue rose to $5.63 billion from $4.17 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast $7.54 a share on revenue of $5.51 billion for the fiscal third quarter.
“We are confident in our strategy and execution across the company as we become the global AI-driven expert platform powering the prosperity of consumers and small businesses,” said Sasan Goodarzi, Intuit’s chief executive, in a statement. “We had another strong quarter, and we are raising Intuit’s revenue and operating-income guidance for fiscal-year 2022.”
Intuit forecast fiscal fourth-quarter earnings of 94 cents to $1 a share on a revenue decline of about 9% to 8% from last year’s $2.56 billion, or $2.33 billion to $2.36 billion. Analysts surveyed by FactSet had estimated $1 a share on revenue of $2.11 billion for the fourth quarter.
For the year, Intuit now expects earnings of $11.68 to $11.74 a share on revenue of $12.63 billion to $12.67 billion. Analysts expect $11.66 a share on revenue of $12.32 billion for the year.
Previously, Intuit had forecast earnings of $11.48 to $11.64 a share on revenue of $12.17 billion to $12.3 billion.